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Last Updated : Jan 20, 2020 07:14 PM IST | Source: Moneycontrol.com

Gold rises Rs 143 per 10 gram, silver jumps to Rs 46,640 per kg

The gold/silver ratio currently stands at 86 to 1, which means the amount of silver required to buy one ounce of gold.


Gold prices rose Rs 143 to Rs 40,112 per 10 gram in the Mumbai bullion market after missile attack on Yemen, over the weekend, prompted investors to move to safe-haven assests. Rise in retail sales ahead of the Chinese New Year also provided support to the yellow metal.

The rate of 10 grams 22-carat gold in Mumbai was Rs 36,743 plus 3 percent GST, while 24-carat 10 gram was Rs 40,112 plus GST. The 18-carat gold quoted at Rs 30,084 plus GST in the retail market.

The gold/silver ratio currently stands at 86 to 1, which means the amount of silver required to buy one ounce of gold.

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Meanwhile, silver prices gained Rs 85 to 46,640 per kg.

Gold added Rs 209 last week and silver rose Rs 375 in the same period.

In the futures market, gold rate touched an intraday high of Rs 40,000 and an intraday low of Rs 39,880 on MCX. For the February series, the yellow metal touched a low of Rs 36,098 and a high of Rs 41,293.

Gold futures for delivery in February rose Rs 34, or 0.09 percent on the MCX trading at Rs 39,980 per 10 gram in the evening trade in a business turnover of 11,652 lots. Gold contracts for April delivery gained Rs 32, or 0.08 percent, at Rs 40,087 per 10 gram in a business turnover of 11,749 lots. The far month June contract was trading up by Rs 132, or 0.33 percent at Rs 40,232 per 10 gram with a business volume of 470 lots.

The value of the February contract traded so far is Rs 1,622.31 crore and April contract saw the value of Rs 241.71 crore.

Similarly, Gold Mini contract for February jumped by Rs 40, or 0.10 percent at Rs 39,960 in a business turnover of 8,684 lots.

Gold price is trading under rising trend line channel and is expected to trade positive. Sustaining above Rs 39,900 would push price higher towards Rs 40,100-40,300 levels, according to Axis Securities.

On hourly chart, price is trading above 9, 21 and 60 EMA which is a positive sign for price.

The brokerage firm advised its clients to buy February gold at Rs 39,900 with stoploss at Rs 39,800 and target of Rs 40,100.

MCX Gold has support at Rs 39,780-39,580 whereas resistance is at Rs 40,050-40,220. Bias remains sideways to positive for the day, according to Motilal Oswal. The broking firm advised its clients to buy on dip targeting resistance level of Rs 40,050-40,220.

The brokerage firm said spot gold has intraday support at $1,530 whereas resistance is at $1,590.

At 12:02 pm (GMT), spot gold was up $3.67 at $1,559.89 an ounce in London trading.

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First Published on Jan 20, 2020 05:58 pm
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