Gold price in Mumbai: Yellow metal gains Rs 286 to Rs 38,365 per 10 gram

December 3, 2019

India (Dec 3)  Gold prices gained Rs 286 to Rs 38,265 per 10 gram in Mumbai bullion market on weaker rupee and following comments by the US President Donald Trump that a trade deal with China may happen only after 2020 US presidential election.

India gold import in November jumped to 71 tonnes from 40 tonnes imported in October, but was down 16 percent from the same period last year, Reuters reported citing government official.

The rate of 10 grams 22-carat gold in Mumbai was Rs 35,051 plus 3 percent GST, while 24-carat 10 gram was Rs 38,265 plus GST. The 18-carat gold quoted at Rs 28,699 plus GST in the retail market.

Silver prices also gained Rs 360 to 44,560 per kg from closing on December 2.

The gold/silver ratio currently that refers to the amount of silver required to buy an ounce of gold stood at 85.87 to 1.

In the futures market, gold rate touched an intraday high of Rs 38,162 and an intraday low of Rs 37,825 on 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 jumped Rs 133, or 0.35 percent on the MCX trading at Rs 38,082 per 10 gram in evening trade in a business turnover of 17,602 lots. Gold contracts for December delivery were higher by Rs 168, or 0.44 percent, at Rs 38,120 per 10 gram in a business turnover of 100 lots. The far month April contract was trading up by Rs 168, or 0.44 percent at Rs 38,132 per 10 gram with a business volume of 1,769 lots.

The value of the February contract traded so far is Rs 2,793.41 crore and April contract saw the value of Rs 39.84 crore.

Similarly, Gold Mini contract for January gained Rs 131, or 0.34 percent at Rs 38,118 in a business turnover of 8,880 lots.

MCX Gold has support at Rs 37,980-37,750 whereas resistance is at Rs 38,240-38,380. Positive movement is expected for the day, according to Motilal Oswal. The broking firm advised its clients to buy on dip targeting resistance at Rs 38,240-38,380.

The brokerage firm said spot gold has key support at $1,450 whereas resistance remains at $1,490.

At 11:56 am (GMT) spot gold was up by $6.45 at $1,475.55 an ounce in London trading.


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