Mumbai: Gold prices slipped sharply in the commodity market. The strengthening of the US dollar and expectations of another big rate hike from the US Federal Reserve weighed upon the yellow metal.
On the Multi Commodity Exchange (MCX), gold futures were trading lower by 0.39% or Rs 195 at Rs 49,823 per 10 gram. Silver futures dropped 0.25% or Rs 141 at Rs 56,845 per kg.
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In the international market, price of spot gold was down 0.3% at $1,691.63 per ounce. US gold futures fell 0.4% to $1,702.40. Among other precious metals, spot silver shed 1.1% to $19.48 per ounce, platinum fell 0.5% to $900.99 and palladium slipped 0.4% to $2,154.42.
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