Navneet Damani, Vice President, Motilal Oswal, said the broader trend on the COMEX could be in the range of $1,775-1,810/oz. "On the domestic front, prices could hover in the range of Rs 48,500-49,435 per 10 gram."
Gold prices were steady at Rs 49,324 per 10 gram in the Mumbai bullion market on dollar depreciation versus the rupee. Prices are holding firm above $1,800/oz on rising coronavirus cases around the world.
More than 12.83 million people have been reported to be infected by the novel coronavirus globally and 565,626 have died, according to a Reuters tally.
The rate of 10 gram 18, 22, 24-carat gold in Mumbai was Rs 36,993, Rs 45,181 and Rs 49,324 plus 3 percent GST.
Investors turned to the bullion metal over rising tensions between the US and China after US President Donald Trump announced on July 10 that there will be no phase two trade deal with China in the near future.
Speculators increased their bullish positions in COMEX gold and silver contracts in the week to July 7, the US Commodity Futures Trading Commission (CFTC) said on July 10.
Navneet Damani, Vice President, Motilal Oswal, said the broader trend on the COMEX could be in the range of $1,775-1,810/oz. "On the domestic front, prices could hover in the range of Rs 48,500-49,435 per 10 gram."
Ravindra Rao, VP-Head Commodity Research at Kotak Securities, there seems to be a base forming near $1,790-1,800/oz levels as buying is emerging at those levels.
The gold-to-silver ratio currently stands at 95.25 to 1, which means the amount of silver required to buy one ounce of gold.
Silver prices jumped Rs 805 to Rs 51,780 per kg from its closing on July 10.
In the futures market, gold touched an intraday high of Rs 49,180 and an intraday low of Rs 48,935 on the Multi-Commodity Exchange (MCX). For the August series, the yellow metal touched a low of Rs 39,200 and a high of Rs 49,348.
Gold futures for August delivery gained Rs 229, or 0.47 percent, at Rs 49,092 per 10 gram in evening trade on a business turnover of 9,699 lots. The same for October delivery was up Rs 217, or 0.44 percent, at Rs 49,220 on a business turnover of 9,933 lots.
The value of the August and October contracts traded so far is Rs 2,857.78 crore and Rs 275.47 crore, respectively.
Similarly, Gold Mini contract for August jumped Rs 202, or 0.41 percent at Rs 49,085 on a business turnover of 11,148 lots.
At 12:23 (GMT), spot gold was up $10.11 at $1,809.41 an ounce in London trading.
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