Mumbai: The price of yellow metal edged higher in the commodity market. As per the market experts, investors shifted their focus away from the US Federal Reserve to other central bank meetings and this supported the upward rally of gold.
On the Multi Commodity Exchange (MCX), gold futures surged 0.51% or Rs 244 to Rs 48,331 per 10 gram. Silver futures rose 1.98% or Rs 1,195 at Rs 61,403 per kg.
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In the international market, spot gold was up 0.2% at $ 1,780.63 per ounce. U.S. gold futures rose 0.9% to $ 1,780.20. Among other precious metals, silver remained unchanged at $ 22.05 an ounce, platinum shed 0.1% to $ 918.01 and palladium gained 1% to $ 1,613.61.
In the Kerala market, price of sovereign gold surged sharply and reached at Rs 36,240 per 8 gram, higher by Rs 240. One gram gold is priced Rs 4,530, up by Rs 30. This is the highest price recorded in this month.
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