The gold/silver ratio currently stands at 85.92 to 1, which means the amount of silver required to buy one ounce of gold.
Gold price slipped Rs 40 to Rs 37,979 per 10 gram in Mumbai bullion market on weak overseas trend and positive Chinese factory data.
Gold price in Mumbai today for 10-gram 22-carat gold was Rs 34,789 plus 3 percent GST, while 24-carat 10 gram was Rs 37,979 plus GST. The 18-carat gold quoted at Rs 28,484 plus GST in the retail market.
Silver prices also eased by Rs 170 to 44,200 per kg from closing on November 29.
The gold/silver ratio or the amount of silver required to buy an ounce of gold currently stands at 85.92 to 1.
In the futures market, gold rate touched an intraday high of Rs 37,970 and an intraday low of Rs 37,100 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 February slide Rs 150, or 0.39 percent on the MCX trading at Rs 37,854 per 10 gram in evening trade in a business turnover of 16,687 lots. Gold contracts for December delivery lost Rs 161, or 0.42 percent, at Rs 37,870 per 10 gram in a business turnover of 158 lots. The far month April contract was trading down by Rs 120, or 0.32 percent at Rs 37,909 per 10 gram with a business volume of 1,698 lots.
The value of the February contract traded so far is Rs 2,173.67 crore and April contract saw the value of Rs 68.95 crore.
Similarly, Gold Mini contract for January lost Rs 124, or 0.33 percent at Rs 37,900 in a business turnover of 8,998 lots.
MCX Gold has support at Rs 37,700-37,520 whereas resistance is at Rs 37,930-38,080. Sideways movement is expected for the day, according to Motilal Oswal. Price break of the given range will confirm the further direction in trend, the brokerage firm said in its report.
It expects spot gold to find key support at $1,440 whereas resistance remains at $1,470.At 11:55 am (GMT) spot gold was down by $9.05 at $1,463.65 an ounce in London trading.LIVE NOW... Video series on How to Double Your Monthly Income... where Rahul Shah, Ex-Swiss Investment Banker and one of India's leading experts on wealth building, reveals his secret strategies for the first time ever. Register here to watch it for FREE.