Silver prices slipped Rs 75 to 44,200 per kg from its closing on December 17.
Gold prices remained unchanged at Rs 38,112 per 10 grams in Mumbai's bullion market as investors await details on the trade deal between the US and China.
The rate of 10 grams, 22-carat gold in Mumbai was Rs 34,911 plus 3 percent GST, while that of 10 grams, 24-carat was Rs 38,112 plus GST. The price of 18-carat gold was quoted at Rs 28,584 plus GST in the retail market.
Silver prices slipped Rs 75 to 44,200 per kg from its closing rate on December 17.
The gold/silver ratio, which is the amount of silver required to buy one ounce of gold, currently stands at 86.22 to 1.
In the futures market, gold rate touched an intraday high of Rs 37,995 and an intraday low of Rs 37,876 on the 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 eased Rs 23, or 0.06 percent on the MCX trading at Rs 37,917 per 10 grams in evening trade in a business turnover of 15,963 lots. Gold contracts for April delivery slipped Rs 31, or 0.08 percent, at Rs 37,971 per 10 gram in a business turnover of 3,526 lots.
The value of the February contracts traded so far is Rs 1,843.54 crore and that of April contracts saw a value of Rs 146.77 crore.
Similarly, Gold Mini contracts for January was down Rs 36, or 0.09 percent at Rs 37,925 for a business turnover of 8,556 lots.
Gold price is trading near its trend line resistance level and its price is expected to trade higher. Gold has a trading range between Rs 37,500 to Rs 38,300 level in short term, according to Axis Securities.
The brokerage firm noted that gold's price may trade higher intraday. If any breakout happens above level, then the next leg of a positive rally would sustain towards Rs 38,200-38,300 levels. On the hourly chart, the RSI is trading at 69, indicating a higher momentum in prices.
The brokerage firm advised its clients to buy February gold at Rs 38,000 per 10 grams with a stop loss of Rs 37,850 and a target of Rs 38,200.
MCX Gold has support at Rs 37,840-37,760 whereas resistance is at Rs 38,100-38,230. Sideways to positive movement is expected for the day, according to Motilal Oswal. The brokerage firm advised its client to buy on dips and targeting a resistance level of Rs 38,100-38,230.
The brokerage firm said that spot gold has a key support at $1,465, whereas its resistance remains at $1,500.At 1:03 pm (GMT), spot gold was marginally down $0.95 at $1,479.25 an ounce in London trading.
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