New Delhi, Sept 03 : Gold prices gained Rs 171 to Rs 38,987 per 10 gram in Mumbai bullion market on a sharp decline in the rupee and a nervous stock market.
The precious metal took on more lustre after the United States and China pushed ahead with fresh tit-for-tat trade tariffs.
The gold/silver ratio stands at 80.16 to 1, which means it takes 80.16 gram of silver to purchase 1 gram of gold.
In the futures market, gold rate touched an intraday high of Rs 39,339 and an intraday low of Rs 38,898 on MCX. For the October series, the yellow metal touched a low of Rs 31,520 and a high of Rs 39,425.
Gold futures for delivery in October jumped Rs 203, or 0.52 percent on the MCX trading at Rs 39,290 per 10 gram in afternoon trade in a business turnover of 17,831 lots. Gold contracts for December delivery traded were higher by Rs 165, or 0.42 percent, at Rs 39,752 per 10 gram in a business turnover of 11,050 lots.
The value of the October contract traded so far is Rs 3,512.35 crore and December contract saw value of Rs 237.01 crore.
Similarly, Gold Mini contract for October gained by Rs 154, or 0.39 percent at Rs 39,215 in a business turnover of 16,750 lots.
MCX Gold has intraday support at Rs 39,000 whereas major resistance is at Rs 39,450, according to Motilal Oswal. The brokerage firm advised its clients that the precious metal is likely to trade sideways to positive for the day. Price sustainability above Rs 39,450 will take price towards Rs 39,600.
At 11:01 am (GMT), spot gold was trading lower by $0.33 at $1,530.01 an ounce in London trading.
