Mumbai: Price of gold edged lower in the commodity market. Price of the yellow metal fell to lowest in nearly a year. The strengthening of the US dollar and the expectation of more interest rate hikes by major central banks weighed upon the precious metal.
On the Multi Commodity Exchange (MCX), gold August futures were trading lower by Rs 265 or 0.53% at Rs 49,960 per 10 gram. Silver September futures were trading Rs 506 or 0.9% down at Rs 55,113 per kg.
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In the international market, price of spot gold was down by 0.2% at $1,693.90 per ounce.
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