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Last Updated : Nov 19, 2019 06:09 PM IST | Source: Moneycontrol.com

Gold price gains Rs 125 at Rs 38,224 per 10 gram; silver up 1.4%

Gold futures for delivery in December slipped Rs 193, or 0.50 percent on the MCX trading at Rs 38,036 per 10 gram in evening trade in a business turnover of 11,140 lots.

Gold price jumped by Rs 125 to Rs 38,224 per 10 grams in Mumbai's bullion market over uncertainty surrounding the progress of the US-China trade deal, but its gains were capped by stronger rupee.

The rate of 10 grams 22-carat gold in Mumbai was Rs 35,013 plus 3 percent GST, while 24-carat 10 grams was Rs 38,224 plus GST. The 18-carat gold quoted at Rs 28,668 plus GST in the retail market.

Silver prices gained Rs 630 to Rs 44,790 per kg from its closing on November 18.

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The gold/silver ratio, which is the amount of silver required to buy one ounce of gold, currently stands at 85.34 to 1.

In the futures market, gold rate touched an intraday high of Rs 38,230 and an intraday low of Rs 37,965 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 slipped by Rs 193 or 0.50 percent on the MCX. It traded at Rs 38,036 per 10 grams during the evening's trade for a business turnover of 11,140 lots. Gold contracts for February delivery were down by Rs 185, or 0.48 percent, at Rs 38,060 per 10 grams in a business turnover of 9.876 lots.

The value of the December contracts that have been traded so far is Rs 2,932.62 crore and February contracts were valued at Rs 272.59 crore.

Similarly, Gold Mini contracts for December was lowered by Rs 171, or 0.45 percent, at Rs 38,057 in a business turnover of 8,048 lots.

MCX Gold is expected to trade positively with good support at Rs 37,800 levels and intermediate support at Rs 37,950 level, according to Motilal Oswal. The brokerage firm advised its client to buy targeting higher resistance at Rs 38,115-38,255 zones.

The brokerage firm said that spot gold is expected to trade in the $1,463-$1,480 range with a positive bias.

At 12:10 pm (GMT), spot gold was down by $3.45 at $1,468.60 an ounce in London trading.

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First Published on Nov 19, 2019 06:09 pm
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