The bullion metal extends gain after US Federal Reserve announced the purchase of an unlimited amount of treasuries and securities to halt cash rush caused by the coronavirus pandemic.
The price of gold jumped Rs 1,528 to touch Rs 42,247 per 10 gram in Mumbai bullion market on a weaker dollar, but the gains were capped by a stronger rupee. The major gold trading centres have been shut due to the lockdown announced by state governments to prevent the spread of coronavirus disease with only online sales taking place.
2020欧洲杯投注开户The bullion metal extended gain after US Federal Reserve announced the purchase of an unlimited amount of treasuries and securities to halt cash rush caused by the coronavirus pandemic.
The US dollar index, measured against a basket of six currencies fell 0.77 percent to 101.697.
The rate of 10 gram 22-carat gold in Mumbai was Rs 38,698 plus 3 percent GST, while 24-carat 10 gram was Rs 42,247 plus GST. The 18-carat gold quoted at Rs 31,685 plus GST in the retail market.
2020欧洲杯投注开户According to Navneet Damani, Vice President, Motilal Oswal, gold prices rallied by more than 4 percent in the previous session shrugging off earlier losses after the US Federal Reserve took aggressive new steps to combat the economic impact of the coronavirus outbreak, providing a boost to the precious metal pack.
Market participants will keep their eyes on the PMI numbers expected from major economies.
The broader trend on Comex could be $1,575-1,630 and on the domestic front prices could hover in the range of Rs 40,500-42,000.
2020欧洲杯投注开户Anantha Padmanaban, Chairman, India Gem and Jewellery Domestic Council told Bloomberg that the total gold consumption in the country is likely to fall 30 percent to 483 tonnes in 2020 from 483 tonnes in 2019.
The gold/silver ratio currently stands at 104.76 to 1, which means the amount of silver required to buy one ounce of gold.
Silver prices rose Rs 3,475 to Rs 40,325 per kg from its closing on March 23.
In the futures market, gold rate touched an intraday high of Rs 42,184 and an intraday low of Rs 39,929 on MCX. For the April series, the yellow metal touched a low of Rs 37,530 and a high of Rs 44,961.
Gold futures for delivery in April gained Rs 533, or 1.29 percent on the MCX trading at Rs 41,696 per 10 gram in evening trade in a business turnover of 4,414 lots. Gold contracts for June delivery rose Rs 894, or 2.15 percent, at Rs 42,551 per 10 gram in a business turnover of 14,516 lots.
2020欧洲杯投注开户The value of the April contract traded so far is Rs 3,631.67 crore and June contract saw the value of Rs 1,953.35 crore.
Similarly, Gold Mini contract for April jumped Rs 642, or 1.55 percent at Rs 41,959 in a business turnover of 4,180 lots.
Gold price is trading under rising trend line channel, and the price is expected to trade positive. Sustaining above Rs 41,350, the next leg of the rally would push the price higher towards Rs 41,600-41,700 levels, according to Axis Securities.
2020欧洲杯投注开户On the hourly chart, the price has started trading above 9, 21 and 60 EMA which is a positive sign.
2020欧洲杯投注开户MCX Gold has intraday support at Rs 41,065-40,920 whereas resistance is placed at Rs 41,935-42,150 levels, according to Motilal Oswal.
The brokerage firm said spot gold has support at $1,575-1550 whereas resistance is at $1,608-1,620.At 13:02 pm (GMT), spot gold rose $49.43 at $1,602.58 an ounce in London trading.
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