Gold slips Rs 114 to to Rs 40,624 per 10 grams, silver down Rs 200 per kg

Mumbai-India (Feb 11)  Gold prices slipped Rs 114 to Rs 40,624 per 10 grams in Mumbai's bullion market on a stronger dollar and firm equity market.

The rate of 10 grams, 22-carat gold in Mumbai was Rs 37,212 plus 3 percent GST, while that of 10 grams, 24-carat gold was Rs 40,624 plus GST. The price of 18-carat gold quoted at Rs 30,468 plus GST in the retail market.

According to Navneet Damani, Vice President, Motilal Oswal, gold prices held steady after climbing to a one-week peak in the previous session, as concerns about the coronavirus epidemic, which has claimed more than 1,000 lives in China, offset an uptick in equities.

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The broader trend on the Comex could be $1,560-1,580, and on domestic front prices could hover in the range of Rs 40,100-40,650, said Damani.

The gold/silver ratio, which is the amount of silver required to buy one ounce of gold, currently stands at 88.26 to 1.

Silver prices declined Rs 200 to Rs 46,025 per kg from its closing on February 10.

In the futures market, gold rates touched an intraday high of Rs 40,566, and an intraday low of Rs 40,381 on the 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 slipped Rs 242, or 0.59 percent on the MCX trading at Rs 40,437 per 10 grams in the evening's trade for a business turnover of 17,128 lots. Gold contracts for delivery in June eased Rs 227, or 0.56 percent, at Rs 40,620 per 10 grams in a business turnover of 5,827 lots.

The value of the April contracts traded so far is Rs 2,069.53 crore, and those of June contracts saw a value of Rs 92.98 crore.

Similarly, Gold Mini contracts for March were down Rs 227, or 0.56 percent at Rs 40,380 in a business turnover of 8,277 lots.

MoneyControl