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Last Updated : Dec 04, 2019 07:28 PM IST | Source:

Gold price pares early gains, closes at Rs 38,330 per 10 gram

Silver prices also jumped Rs 140 to 44,700 per kg from its closing on December 3.

Gold price erased early morning gains after reports suggesting the US and China are closer to phase-one trade deal lifted sentiment for riskier assets.

At 5 pm, gold was trading higher by Rs 73 at Rs 38,338 per 10 gram in the Mumbai bullion market.

The yellow metal had climbed Rs 275 to Rs 38,540 per 10 gram in the morning trade after US President Donald Trump said trade agreement with China may happen only after 2020 US presidential election on December 3.


The rate of 10 grams 22-carat gold in Mumbai was Rs 35,118 plus 3 percent GST, while 24-carat 10 gram was Rs 38,338 plus GST. The 18-carat gold quoted at Rs 28,754 plus GST in the retail market.

Silver prices also jumped Rs 140 to 44,700 per kg from its closing on December 3.

The gold/silver ratio or the amount of silver required to buy an ounce of gold stood at 85.76 to 1.

In the futures market, gold rate touched an intraday high of Rs 38,467 and an intraday low of Rs 38,121 on MCX. For the February series, the yellow metal touched a low of Rs 36,098 and a high of Rs 40,806.

Gold futures for delivery in February slipped Rs 126, or 0.33 percent on the MCX trading at Rs 38,201 per 10 gram in evening trade in a business turnover of 17,800 lots. Gold contracts for December delivery were up by Rs 10, or 0.03 percent, at Rs 38,260 per 10 gram in a business turnover of 88 lots. The far month April contract was trading lower by Rs 178, or 0.46 percent at Rs 38,206 per 10 gram with a business volume of 1,862 lots.

The value of the February contract traded so far is Rs 3,296.03 crore and April contract saw the value of Rs 20.35 crore.

Similarly, Gold Mini contract for January was down Rs 117, or 0.31 percent at Rs 38,220 in a business turnover of 9,208 lots.

MCX Gold has support at Rs 38,060-37,940 whereas resistance is at Rs 38,360-38,480. Sideways to positive movement is expected for the day, according to Motilal Oswal. The broking firm advised its clients to buy on dip targeting resistance at Rs 38,360-38,480.

The brokerage firm said spot gold has key support at $1,460 whereas resistance remains at $1,490.

At 12:14 pm (GMT) spot gold was marginally down $1.75 at $1,482.75 an ounce in London trading.

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First Published on Dec 4, 2019 07:28 pm
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