Gold price decreased to Rs 51,797 per 10 grams.

Gold price decreased to Rs 51,797 per 10 grams

Gold prices decreased by Rs 96 to Rs 51,797 per 10 grams in the Mumbai market. Participants await the U.S. Federal Reserve’s policy statement tonight.

Ten grams 22-carat gold rate in Mumbai stood at Rs 47,446 plus 3 percent GST, while 24-carat 10 grams touched Rs 51,797 plus GST. The 18-carat gold was at Rs 38,840 plus GST in the retail market.

Gold was trading near a two-week high and the dollar at a two-week low when the World Trade Organization deemed that the Trump administration’s tariffs on $200 billion worth of Chinese goods were illegal.

Gold holding in SPDR ETF decreased by 0.42 tons to 1,247.569 tonnes, the lowest since July 31.

According to Navneet Damani, Vice president, VP-Commodity Research at Motilal Oswal Financial Services, noted that gold was weighed down in the last session following strength in the dollar against its major crosses. However, hopes for a dovish monetary policy stance from the U.S. Federal Reserve limited the safe-haven metals’ losses. For the last session, gold volatility is still low as market participants stayed cautious ahead of the important Fed policy statement that will be released today.

For today we expect gold on MCX to quote in the range of Rs. 51,250, and Rs. 52,250. On COMEX the expected range is $1,930 and $1,980.

The silver ratio currently is 78.61 to 1

According to today’s data, the gold and silver ratio currently is 78.61 to 1, which means the amount of silver required to buy one ounce of gold.

Silver prices dropped Rs 875 to Rs 65,883 per kg from its closing on September 15.

In the futures market, the gold rate hit an intraday high of Rs 52,074 and an intraday low of Rs 51,770 on the MCX (Multi Commodity Exchange). For the October series, gold reached a low of Rs 45,596 and a high of Rs 56,191.

For October delivery, gold futures boosted Rs 222, which equals 0.43%, and reached Rs 51,991 per 10 grams in evening trade on a business turnover of 10,907 lots. The same for December climbed Rs 236, or 0.45%, and hit Rs 52,153 on a business turnover of 7,837 lots.

The value of the October and December’ contracts traded so far is Rs 2,833.74 crore and Rs 280.17 crore.

Similarly, the Gold Mini contract for October rose Rs 175, or 0.34% at Rs 51,993 on a business turnover of 15,158 lots.

Senior Commodities Analyst, Tapan Patel, expects gold prices to increase with support at $1930 and resistance at $2000. MCX Gold October has support at Rs 51,400, and resistance stands at Rs at 52,200-52,500.

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