Mumbai: Gold price slipped down sharply in the commodity market. On the Multi Commodity Exchange, the gold futures are trading at Rs 47,214 per 10 grams. As per market experts, the price of yellow metal slipped because of heavy profit booking by investors. But the rate of gold will increase as the rising crude oil price, global inflation rate and weakening of Indian rupee against the US dollar will support the precious metal.
In the Kerala market, the price of sovereign gold has reached at Rs 35,360 per 8 grams, down by Rs 480. One gram gold is priced at Rs 4420, lower by Rs 60. In New Delhi, the price of 10 grams of 24-carat gold is at Rs 51,220 and in Chennai, it is trading at Rs 49,260.
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Price of gold varies across India due to excise duty, state taxes, and making charges.
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