Gold futures for delivery in February rose Rs 107, or 0.28 percent on the MCX trading at Rs 37,690 per 10 grams in evening trade in a business turnover of 16,556 lots.
Gold prices slipped by Rs 33 to Rs 37,766 per 10 grams in Mumbai's bullion market on the back of a strong rupee as traders await cues from the US Federal Reserve monetary policy on December 12.
The rate of 10 grams, 22-carat gold in Mumbai was Rs 34,594 plus 3 percent GST, while that of 10 grams, 24-carat was Rs 37,766 plus GST. The price of 18-carat gold quoted at Rs 28,325 plus GST in the retail market.
Silver prices gained Rs 50 to 43,275 per kg from its closing on December 10.
The gold/silver ratio, which is the amount of silver required to buy one ounce of gold, currently stands at 87.26 to 1.
In the futures market, gold rates touched an intraday high of Rs 37,700 and an intraday low of Rs 37,534 on MCX. The yellow metal touched a low of Rs 36,098 and a high of Rs 40,806 for the February series.
Gold futures for delivery in February rose Rs 107, or 0.28 percent on the MCX trading at Rs 37,690 per 10 grams in evening trade in a business turnover of 16,556 lots. Gold contracts for April delivery gained Rs 97, or 0.26 percent, at Rs 37,750 per 10 gram in a business turnover of 2,247 lots.
The value of February's contracts traded so far is Rs 2,408.83 crore and April's contracts saw a value of Rs 138.13 crore.
Similarly, Gold Mini contracts for January was up Rs 42, or 0.11 percent at Rs 37,680 in a business turnover of 6,698 lots.
Axis Securities advised its clients to buy February gold at Rs 37,580 per 10 gram with stoploss at Rs 37,490 and target of Rs 37,770.
MCX Gold has support at Rs 37,450-37,300, whereas resistance is at Rs 37,780-37,940. Sideways to negative movement is expected for the day, according to Motilal Oswal. The brokerage firm advised its client to sell on rise targeting support level of Rs 37,450-37,300.
The brokerage firm said that spot gold has a key support at $1,450 whereas resistance remains at $1,480.At 12:52 pm (GMT), spot gold was trading marginally up $5.65 at $1,470.55 an ounce in London trading.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.