Gold prices increased by Rs 144 and settled at Rs 49,995 per 10 gram in the Mumbai market retail market of a softer greenback and positive global cues. Gold boosted hopes surrounding the U.S. stimulus, but the rise was pushed by strength in the rupee.
The price of 10 gram 22-carat gold in Mumbai was Rs 45,795. 24-carat 10 gram stood at Rs 49,995, and 18-carat gold stood at Rs 37,496.
According to the U.S. Labour Department, the claims for state jobless benefits declined to 89,000.
Meanwhile, the greenback saw a decline of 0.19%. It traded at 90.16 in the previous session against a basket of other currencies. Risk appetite increased on expectations of an imminent Brexit trade deal between the U.K. and the E.U. Hence, the greenback fell.
Furthermore, Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, remained instant and stood at 1,167.52 tonnes. Besides, spot gold stood at $1,873.24 an ounce.
MCX Bulldesk declined to 15,594
Significantly, MCX Bulldesk, an index that tracks MCX silver and MCX gold futures’ real-time performance, declined by 0.13%, which equals 20 points, and traded at 15,594.
Another essential thing to mention is that the gold/silver ratio currently is 75.21 to 1. It means the amount of white metal needed to purchase one ounce of gold.
Furthermore, the broader trend on COMEX could be between $1,860- 1,895, while on the domestic front, prices could fluctuate in the range of Rs 49,850- 50,450. The white metal prices declined by Rs 696 and settled at Rs 66,431 per kg.
Meanwhile, in the futures market, the yellow metal has reached an intraday high of Rs 50,186 and an intraday low of Rs 49,943 on the Multi Commodity Exchange. Besides, gold reached an intraday high and an intraday low of Rs 57,100 and Rs 41,560.
Additionally, Gold futures for February delivery declined by 0.36%, which equals Rs 179. It settled at Rs 49,970 per gram in evening trade on a business turnover of 10,388 lots. Meanwhile, gold futures for April delivery fell by Rs 132, which equals 0.26%, and touched Rs 50,016 on a business turnover of 2,443 lots.
Furthermore, February’s contracts traded at Rs 2,047.79 crore, while April’s contracts traded at Rs 42.10 crore. Additionally, the Gold Mini contract for January declined by 0.37%, which equals Rs 183, and settled at Rs 49,726 on a business turnover of 10,762 lots.