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Last Updated : Oct 16, 2019 06:11 PM IST | Source: Moneycontrol.com

Gold slips Rs 310 to Rs 38,334 per 10 gram; silver down Rs 950 to Rs 44840 per kg

The rate of 10 grams 22-carat gold in Mumbai was at Rs 35,114 plus 3 percent GST, while 24-carat 10 gram was Rs 38,334 plus GST.

Gold prices slipped Rs 310 to Rs 38,334 per 10 gram in Mumbai bullion market on a stronger rupee and weak overseas trend.

The rate of 10 grams 22-carat gold in Mumbai was at Rs 35,114 plus 3 percent GST, while 24-carat 10 gram was Rs 38,334 plus GST.

Silver prices eased Rs 950 to Rs 44,840 per kg from their closing price on October 15.

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The gold/silver ratio that assesses the amount of silver required to buy one ounce of gold currently stands at 85.49 to 1.

In the futures market, gold rate touched an intraday high of Rs 38,215 and an intraday low of Rs 37,982 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 was marginally down by Rs 6, or 0.02 percent on the MCX trading at Rs 38,030 per 10 gram in evening trade in a business turnover of 20,196 lots. Gold contracts for February delivery traded lower by Rs 24, or 0.06 percent, at Rs 38,315 per 10 gram in a business turnover of 3,069 lots.

The value of the December contract traded so far is Rs 3,452.83 crore and February contract saw value of Rs 102.84 crore.

Similarly, Gold Mini contract for November was up by Rs 11, or 0.03 percent at Rs 38,078 in a business turnover of 9,968 lots.

MCX Gold is expected to trade in a range-bound market having support at Rs 37,850 levels and resistance at Rs 38,175 level, according to Motilal Oswal.

The brokerage firm said spot gold is expected to trade in the range of $1,470-$1,495 range.

At 12:01 pm (GMT) spot gold was trading flat at $1,480.60 an ounce in London trading.

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First Published on Oct 16, 2019 06:11 pm
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