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Last Updated : Nov 28, 2019 05:49 PM IST | Source: Moneycontrol.com

Gold price gains Rs 53 at Rs 38,310 per 10 gram; up 0.16% for the week

The gold/silver ratio, which reflects the amount of silver required to buy one ounce of gold, currently stands at 85.13 to 1.

Gold price gained Rs 53 to Rs 38,310 per 10 gram in Mumbai's bullion market on a stronger rupee and uncertainty over US-China first phase trade deal.

The rate of 10 grams 22-carat gold in Mumbai was Rs 35,092 plus 3 percent GST, while that of 24-carat 10 gram was Rs 38,310 plus GST. The price of 18-carat gold was quoted at Rs 28,733 plus GST in the retail market.

Silver prices gained Rs 280 to Rs 45,000 per kg from its closing on November 21.  Gold rose 0.16 percent for the week, and Silver was up 1.39 percent.

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The gold/silver ratio, which reflects the amount of silver required to buy one ounce of gold, currently stands at 85.13 to 1.

In the futures market, Gold prices touched an intraday high of Rs 38,058 and an intraday low of Rs 37,916 on 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 rose Rs 105, or 0.28 percent on the MCX trading at Rs 38,058 per 10 grams in evening trade for a business turnover of 8,938 lots. Gold contracts for delivery by February were up by Rs 79, or 0.21 percent, at Rs 38,130 per 10 gram in a business turnover of 11,790 lots.

The value of the December contracts traded so far is Rs 2,786.38 crore and February contracts saw the value of Rs 475.08 crore.

Similarly, Gold Mini contracts for December gained Rs 74, or 0.19 percent at Rs 38,045 in a business turnover of 11,885 lots.

MCX Gold is expected to trade positively with good support at Rs 37,900 levels and intermediate support at Rs 38,050 level, according to Motilal Oswal. The brokerage firm advised its client to buy, targeting higher resistance at Rs 38,200-38,355 zone.

The brokerage firm said spot gold is expected to trade in the range of $1,462-$1,485 with a positive bias.

At 13:38 pm (GMT), spot gold gained by $6.45 at $1,470.05 an ounce in London trading.

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First Published on Nov 22, 2019 08:14 pm
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