Mumbai: The price of precious metals edged lower in the commodity market. The rising border tension between Russia and Ukraine has weighed upon the precious metals. The demand of gold was offset by a rise in US treasury yields. Higher yields and interest rate hikes decreased the appeal of gold.
On the Multi Commodity Exchange (MCX), gold futures slipped to Rs 50,170 per 10 gram, lower by 0.31% or Rs 158. Silver futures were trading down 0.23% or Rs 145 at Rs 64,200 per kg.
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In the Kerala market, sovereign gold is trading at Rs 36,800, down by Rs 200 per 8 gram. One gram gold is priced at Rs 4600, lower by Rs 25.
In the international market, price of spot gold remained firm at $1,898.63 per ounce, after scaling its highest since June 1 at $ 1,913.89 per ounce on Tuesday. U.S. gold futures shed 0.3% to $ 1,901.90.
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