Gold prices slipped by Rs 96 to Rs 51,797 per 10 gram in the Mumbai market on a rally in the stock market, and rupee appreciation. Participants await the US Federal Reserve's policy statement tonight.
The rate of 10 gram 22-carat gold in Mumbai was Rs 47,446
plus 3 percent GST, while 24-carat 10 gram was Rs 51,797 plus GST. The 18-carat
gold quoted at Rs 38,840 plus GST in the retail market.
Safe haven buying was seen in the Yen in yesterday’s session
as it rose to the highest level in two weeks as traders finessed positions
ahead of a US Federal Reserve policy decision. Apart from Fed, BoE policy
statement to be released tomorrow will be in focus.
Gold was trading near a two-week high and the dollar at a
two-week low when the WTO deemed that the Trump administration’s tariffs on
$200 billion worth of Chinese goods were illegal.
For all Gold Price Per kilo Gram in Cameroon news
Gold holding in SPDR ETF fell by 0.42 ton to 1,247.569 tonnes, the lowest since July 31.
MCX iCOMDEX Bullion Index gained 66.75 points, or 0.41
percent, at 16,285.78 at 18:02. The index tracks the real-time performance of MCX
Gold and MCX Silver futures.
Navneet Damani, Vice President, Motilal Oswal said, “Gold
was weighed down in the latter half of the session following strength in the
dollar against its major crosses although hopes for a dovish monetary policy
stance from the US Federal Reserve limited the safe-haven metals’ losses. In
the last few sessions volatility for gold has remained low as market
participants remained 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.
“COMEX gold trades higher near $1975/oz. Gold again rose
today after it ended marginally higher near $1966.2/oz as it shed the earlier
gains. Focus will be on the FOMC meeting which will conclude today. Gold may
remain sideways ahead of Fed decision today however the general bias may be on
the upside amid expectations of Fed’s dovish stance”, said Ravindra Rao, VP-
Head Commodity Research at Kotak Securities.
The gold/silver ratio currently stands at 78.61 to 1, which
means the amount of silver required to buy one ounce of gold.
Silver prices fell Rs 875 to Rs 65,883 per kg from its closing on September 15.
In the futures market, gold rate touched an intraday high of
Rs 52,074 and an intraday low of Rs 51,770 on the Multi-Commodity Exchange
(MCX). For the October series, the yellow metal touched a low of Rs 45,596 and
a high of Rs 56,191.
Gold futures for October delivery gained Rs 222, or 0.43
percent, at Rs 51,991 per 10 gram in evening trade on a business turnover of
10,907 lots. The same for December jumped Rs 236, or 0.45 percent, at 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, respectively.
Similarly, Gold Mini contract for October rose Rs 175, or
0.34 percent at Rs 51,993 on a business turnover of 15,158 lots.
Tapan Patel- Senior Analyst (Commodities), HDFC Securities
expects gold prices to trade up with support at $1930 and resistance at $2000.
MCX Gold October has support at Rs 51,400, resistance lies at Rs at
52,200-52,500.
At 1242 (GMT), spot gold was up $13.08 at $1,967.14 an ounce
in London trading.
