Gold hits lifetime high at Rs 41,636 per 10 grams, silver up Rs 1,155 per kg

Gold hits lifetime high at Rs 41,636 per 10 grams, silver up Rs 1,155 per kg thumbnail
Gold prices extended gains for the sixth consecutive day to a touch lifetime high of Rs 41,636 per 10 grams in Mumbai's bullion market as demand for the safe-haven metal rose after Apple issued a warning that its sales would be impacted by coronavirus epidemic in China.The rate of 10 grams, 22-carat gold in Mumbai…

Gold prices extended gains for the sixth consecutive day to a touch lifetime high of Rs 41,636 per 10 grams in Mumbai’s bullion market as demand for the safe-haven metal rose after Apple issued a warning that its sales would be impacted by coronavirus epidemic in China.The rate of 10 grams, 22-carat gold in Mumbai was Rs 38,139 plus 3 percent GST, while that of 10 grams, 24-carat gold was Rs 41,636 plus GST.The price of 18-carat gold quoted at Rs 31,227 plus GST in the retail market.According to Navneet Damani, Vice President, Motilal Oswal, gold prices edged higher touching the $1,600 level as the death toll and the number of affected people due to the coronavirus outbreak continues to rise.Warnings from Apple and HSBC that the epidemic was damaging their businesses lent support to the metal prices.Bond yields remain at their lows and the ETFs are witnessing continuous inflows, giving further support to the precious metal pack. Market participants will keep an eye on the housing numbers released from the US and inflation number expected from the UK on February 19.The broader trend on Comex could be $1,585-1,620 and on domestic front prices could hover in the range of Rs 41,250-41,700, said Damani.The gold/silver ratio, which is the amount of silver required to buy one ounce of gold, currently stands at 87.28 to 1.Silver prices gained Rs 1,155 to Rs 47,700 per kg from its closing on February 18.In the futures market, gold rates touched an intraday high of Rs 41,619 and an intraday low of Rs 41,350 on the MCX. For the April series, the yellow metal touched a low of Rs 37,530 and a high of Rs 41,619.Gold futures for delivery in April gained Rs 124, or 0.3 percent on the MCX trading at Rs 41,544 per 10 grams in the evening’s trade in a business turnover of 17,664 lots. Gold contracts for delivery in June rose Rs 133, or 0.32 percent, at Rs 41,720 per 10 grams in a business turnover of 6,939 lots.The value of the April contracts traded so far is Rs 3,386.12 crore, and those of June contracts saw a value of Rs 139.29 crore.Similarly, the price of Gold Mini contracts for March was up Rs 111, or 0.27 percent at Rs 41,422 in a business turnover of 10,386 lots.Gold price is trading under the ascending broadening wedge pattern, and the price is expected to trade positive for intraday. The price of MCX Gold has caught up with bullish momentum since the level it has broken Rs 41,300 which was all time high, according to Axis Securities.Comex Gold is trading at a nine-year high on concerns over a breakout of the coronavirus and a slowdown in the Chinese economy. Going forward MCX Gold is heading towards Rs 42,000-42,500 levels.The broking firm advised its clients to buy April gold at Rs 41,500 with stoploss at Rs 41,350 and a target of Rs 41,700.MCX Gold has intraday support at Rs 41,425-41,330, whereas resistance is at Rs 41,660-41,700, according to Motilal Oswal.The brokerage firm said spot gold has broken key resistance of $1,580 and price sustained trade above the same is confirming further positive move with resistance at $1,618-1,630 area.At 12:47 pm (GMT), spot gold rose $6.06 at $1,607.76 an ounce in London trading.For All Commodities Related News – Click HereExclusive offer: Use code “BUDGET2020” and get Moneycontrol Pro’s Subscription for as little as Rs 333/- for the first year.
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