Mumbai: Price of gold edged higher marginally in the commodity market. The muted trend in the Asian markets due to the surge in US dollar has weighed upon the yellow metal. As per market experts, the investors are awaiting US Federal Reserve Chairman Jerome Powell’s testimony before the US Congress on Wednesday and Thursday for more clarity on interest rate hikes amid the Ukraine tensions and rising inflation.
On the Multi Commodity Exchange (MCX), gold futures surge by 0.03% or Rs 14 to Rs 51,830 per 10 geam. Silver futures slipped down by 0.22% or Rs 152 to Rs 68,027 per kg.
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In the Kerala market, price of sovereign gold surged sharply to Rs 38,160, up by Rs 800 per 8 gram. One gram gold is trading at Rs 4770, higher by Rs 100.
In the international market, price of spot gold depreciated by 0.4% to $ 1,935.38 per ounce. US gold futures fell 0.4% to $ 1,936.50. Among other precious metals, palladium rose 1.2% to $ 2,612, silver fell 0.9% to $ 25.15 per ounce and e platinum was surged by 0.1% to $ 1,053.79.
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