According to Navneet Damani, Vice President, Motilal Oswal, gold prices rose as investors took shelter under the safe-haven against the riskier assets after a sharp jump in the death toll and infections from a coronavirus epidemic in China.
365体育官网Gold prices rose Rs 183 to Rs 40,766 per 10 grams in Mumbai's bullion market on safe-haven buying and rupee depreciation.
365体育官网The rate of 10 grams, 22-carat gold in Mumbai was Rs 37,342 plus 3 percent GST, while that of 10 grams,24-carat gold was Rs 40,766 plus GST. The price of 18-carat gold was quoted at Rs 30,575 plus GST in the retail market.
365体育官网Kumar Jain, Vice President Mumbai Jewellers Association told Moneycontrol that there is a slowdown in the sale of retail gold jewellery due to fears of the coronavirus and high prices. Most of the customers are exchanging their scrapped and old gold jewellery with new ornaments.
He further stated that jewellers are seeing good demand for small gold jewellery items of 3-5 grams ahead of Valentine’s Day.
According to Navneet Damani, Vice President, Motilal Oswal, gold prices rose as investors took shelter under the safe-haven metal after a sharp jump in the death toll and infections from a coronavirus epidemic in China. The death toll has risen to 1,350 and number of people infected is at 60,000 cases.
Fed Governor Powell reiterated his confidence in the US economic outlook even as he said he expected some drag soon from China’s new coronavirus epidemic. Market participants will be keeping an eye on the inflation number that will be released from the US.
365体育官网The broader trend on Comex could be $1,550-1,590, and on domestic front, prices could hover in the range of Rs 40,300-40,900, said Damani.
The gold/silver ratio, which is the amount of silver required to buy one ounce of gold, currently stands at 88.83 to 1.
365体育官网Silver prices gained Rs 215 to Rs 45,890 per kg from its closing on February 12.
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365体育官网In the futures market, gold rates touched an intraday high of Rs 40,551 and an intraday low of Rs 40,700 on MCX. For the April series, the yellow metal touched a low of Rs 37,530 and a high of Rs 41,567.
Gold futures for delivery in April gained Rs 139, or 0.34 percent on the MCX trading at Rs 40,623 per 10 grams in evening trade in a business turnover of 16,847 lots. Gold contracts for delivery in June were up Rs 104, or 0.26 percent, at Rs 40,770 per 10 grams in a business turnover of 6,130 lots.
The value of the April contracts traded so far is Rs 2,261.78 crore and those for June saw the value of Rs 79.59 crore.
365体育官网Similarly, Gold Mini contracts for March rose Rs 112, or 0.28 percent at Rs 40,539 in a business turnover of 8,848 lots.
Axis Securities advised its clients to sell April Gold at Rs 40,680 with stop loss at Rs 40,760 and a target of Rs 40,570.
MCX Gold looks supportive for the session as long as Rs 40,550-40,400 is held as strong support, with resistance at Rs 40,710-40,770, according to Motilal Oswal.
The brokerage firm said that spot gold has immediate support at $1,560-1,557, whereas resistance is at $1,582-1,590.At 12:59 pm (GMT), spot gold was up $7.45 at $1,572.78 an ounce in London trading.
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