Mumbai: Price of yellow metal surged in the commodity market. Investors were influenced by the base interest rate hike by the US Federal Reserve. US Federal Reserve hiked the interest rate by 75 basis points. This less hawkish hike weighed upon the US dollar and Treasury yields.
On the Multi Commodity Exchange (MCX), gold futures were trading 0.51% higher at Rs 50,978 for 10 gram. Silver futures surged 2.11% at Rs 55,999 kg. Meanwhile, the World Gold Council (WGC) updated that the gold demand in India in the first half of 2022 surged by 42% from a year ago.
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In the international market, spot gold prices at COMEX were trading 0.20% up near $1738 per ounce.
Sovereign gold is trading at Rs 37,440, higher by Rs 280 per 8 gram in the Kerala market. One gram gold is trading at Rs 4680, up by Rs 35. In the last two days, the price of precious metal slipped down by Rs 360 per 8 gram.
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