Mumbai: Price of gold appreciated in the commodity market as the US Federal Reserve policymakers cut the GDP forecast and suggested US inflation at 4.3%. The US Federal Reserve’s decision to increase interest rate for the first time since 2018 also supported the yellow metal.
On the Multi Commodity Exchange (MCX), gold futures is priced at Rs 51,678 per 10 gram, up Rs 458 or 0.90%. Silver futures is at Rs 67,699 per kg, up by Rs 1170 or 1.74%.
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In the Kerala market, sovereign gold is trading at Rs 37,960, higher by Rs 120 per 8 gram. One gram gold is priced at Rs 4745, up by Rs 15.
In the international market, spot gold remained firm at $ 1,929.57 per ounce. US gold futures rose 1% to $ 1,928.40. Among other precious metals, silver was up 0.3% at $ 25.13 per ounce and platinum rose 0.7%t to $ 1,024.32. Holdings of the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, rose 0.8% to 1,070.53 tonnes.
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