Gold futures up 0.38% at Rs 34,306 per 10 gram in evening trade; gains 0.60% for the week

10:42' PM - Friday, 28/06/2019

The value of the August contract traded so far is Rs 3,318.20 crore and October contract saw value of Rs 94.68 crore.

Gold prices were trading higher by Rs 130 at Rs 34,306 per 10 gram in evening trade on June 28. The overseas trend was firm as traders were anxious about the outcome of the meeting between Chinese President Xi Jinping and US President Donald Trump.

The retail price of gold was trading at Rs 34,130 per 10 gram excluding 3 percent GST in Mumbai.

The number of people selling their old jewellery has gone up since June 25 when gold prices surged close to the Rs 36,000 mark according to jewellers at Zaveri Bazaar in south Mumbai.

"Many of those selling their old jewellery are people who have purchased it many years ago at far lower prices or senior citizens who are in need of money," gold jeweller Popatlal Zaveri said in a daily report published by the India Bullion and Jewellers Association.

The gold rate touched an intraday high of Rs 34,484 and an intraday low of Rs 34,182 on the Multi Commodity Exchange (MCX). For the August series, the precious metal touched a low of Rs 31,390 and a high of Rs 34,893.

On the MCX, Gold contracts for October delivery were trading higher by Rs 151 or 0.44 percent at Rs 34,532 per 10 gram in a business turnover of 5,720 lots, while the August contract saw a business turnover of 17,886 lots.

The value of the August contract traded so far is Rs 3,318.20 crore and October contract saw value of Rs 94.68 crore.

Similarly, Gold Mini contract for July was higher by Rs 103 or 0.30 percent at Rs 34,242 in a business turnover of 10,994 lots.

MCX Gold has intraday support at Rs 34,000 whereas resistance at Rs 34,490. Gold is likely to trade sideways for the day. Price break on either side of the given range will give further direction, according to Motilal Oswal.

At 8:29 am (EST) spot gold was trading higher by $4.61 at $1,413.89 an ounce in New York trading. - Source: Money Control -

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