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Gold price down Rs 69 at Rs 37,954 per 10 gram; down 2.32% in November

The yellow metal has been down by Rs 902, or 2.32 percent in November, while silver lost Rs 2,475 or 5.30 percent during the same period.

November 26, 2019 / 06:45 PM IST

Gold price fell for the third straight day by Rs 69 to Rs 37,954 per 10 gram in the Mumbai bullion market on stronger rupee and optimism of interim trade deal between the US and China by the year-end.

The yellow metal has been down by Rs 902, or 2.32 percent in November while silver lost Rs 2,475 or 5.30 percent during the same period.

The rate of 10 grams 22-carat gold in Mumbai was Rs 34,766 plus 3 percent GST while 24-carat 10 gram was Rs 37,854 plus GST. The 18-carat gold quoted at Rs 28,466 plus GST in the retail market.

Silver prices remained flat at Rs 44,250 per kg from its closing on November 25.

The gold/silver ratio currently stands at 85.77 to 1, which means the amount of silver required to buy one ounce of gold.

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In the futures market, gold rates touched an intraday high of Rs 37,750 and an intraday low of Rs 37,629 on the MCX. For the December series, the yellow metal touched a low of Rs 32,289 and a high of Rs 40,771.

Gold futures for delivery in December eased Rs 41, or 0.11 percent on the MCX, trading at Rs 37,682 per 10 gram in evening trade in a business turnover of 7,699 lots. Gold contracts for February delivery were lowered by Rs 29, or 0.08 percent, at Rs 37,763 per 10 gram in a business turnover of 12,572 lots.

The value of the December contract traded so far is Rs 2,023.72 crore, and the February contract saw the value of Rs 356.28 crore.

Similarly, Gold Mini contract for December was down by Rs 17, or 0.04 percent at Rs 37,765 in a business turnover of 6,741 lots.

MCX Gold price is expected to trade negatively with good resistance at Rs 37,950 level and intermediate resistance at Rs 37,815 level, according to Motilal Oswal. The brokerage firm advised its clients to sell targeting lower support of Rs 37,550-37,450 zone.

The brokerage firm has said that spot gold has a key support at $1,445-1,470 with a negative bias.

At 12:05 pm (GMT), spot gold was marginally up by $0.55 at $1,464.45 an ounce in London trading.
Moneycontrol News
first published: Nov 26, 2019 06:45 pm

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