Gold price gains Rs 27 to Rs 37,933 per 10 gram; silver slips

November 28, 2019

Mumbai-India (Nov 28)  A weak rupee and demand for safe-haven assets on renewed concerns over a US-China trade deal helped gold prices gain Rs 27 to Rs 37,933 per 10 gram in Mumbai bullion market on November 28.

US President Donald Trump signed Hong Kong Human Rights and Democracy Act into law raising doubt on a trade deal between the US and China.

The rate of 10 grams 22-carat gold in Mumbai was Rs 36,750 plus 3 percent GST, while 24-carat 10 gram was Rs 37,933 plus GST. The 18-carat gold quoted at Rs 30,450 plus GST in the retail market.

Silver prices fell Rs 80 to 44,345 per kg from its closing on November 27.

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The gold/silver ratio or the amount of silver needed to buy an ounce of gold currently stands at 85.54 to 1.

In the futures market, gold rate touched an intraday high of Rs 37,775 and an intraday low of Rs 37,540 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 gained Rs 149, or 0.40 percent on the MCX trading at Rs 37,674 per 10 gram in evening trade in a business turnover of 5,122 lots. Gold contracts for February delivery rose Rs 177, or 0.47 percent, at Rs 37,724 per 10 gram in a business turnover of 14,841 lots. The far month April contract was trading up by Rs 177, or 0.47 percent at Rs 37,724 per 10 gram with a business volume of 826 lots.

The value of the December contract traded so far is Rs 1,672.37 crore and February contract saw the value of Rs 858.63 crore.

Similarly, Gold Mini contract for December gained Rs 146, or 0.39 percent at Rs 37,724 in a business turnover of 4,456 lots.

MCX Gold has support at Rs 37,625-37,540 whereas resistance is at Rs 37,800-37,880. Sideway movement is expected for the day, according to Motilal Oswal. Price break of the given range will confirm the further direction in trend

The brokerage firm said spot gold has a key support at $1,440 whereas resistance remains at $1,470.

At 12:06 pm (GMT) spot gold was marginally up $1.75 at $1,462.55 an ounce in London trading.


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