The gold/silver ratio currently stands at 83.84 to 1 which means the amount of silver requires to buy one ounce of gold.
Gold prices slipped Rs 195 to Rs 38,293 per 10 gram in Mumbai bullion market as risk appetite returned on comments from US officials about progress in US-China trade talks, and today’s meeting between Chinese Vice Premier Liu He and Donald Trump.
The precious metal is down Rs 29 for the week but has gained 20.99 percent in 2019. Silver prices eased Rs 445 to Rs 45,270 per kilogram from Rs 45,715 per kilogram a day ago.
The gold/silver ratio -- the amount of silver required to buy one ounce of gold, currently stands at 83.84 to 1.
In the futures market, gold rate touched an intraday high of Rs 38,350 and an intraday low of Rs 37,901 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 eased Rs 241, or 0.63 percent on the MCX trading at Rs 37,918 per 10 gram in afternoon trade in a business turnover of 19,758 lots. Gold contracts for February delivery traded lower by Rs 287, or 0.75 percent, at Rs 38,165 per 10 gram in a business turnover of 2,653 lots.
The value of the December contract traded so far is Rs 2,976.47 crore and February contract saw value of Rs 102.58 crore.
Similarly, Gold Mini contract for November was down by Rs 214, or 0.56 percent at Rs 37,906 in a business turnover of 9,528 lots.
MCX Gold is expected to trade sideways with support at Rs 37,830 levels and resistance at Rs 38,350 level, according to Motilal Oswal. Price sustainability above Rs 38,350 will take price towards Rs 38,530, the brokerage firm advised its clients.At 11:54 am (GMT) spot gold was trading lower by $11.49 at $1,482.51 an ounce in London trading.The Great Diwali Discount!
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