Mumbai: Gold prices dropped on the commodity market. As per market experts, the concerns over an aggressive interest rate hikes by the US Federal Reserve weighed on the yellow metal.
On the Multi Commodity Exchange Reserves (MCX), gold futures were trading at Rs 50,350 per 10 gram, lower by 0.24% or Rs 123 . Silver futures were trading higher by 0.24% or Rs 134 at Rs 56,441 per kg.
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In the international market, price of spot gold remained firm at $1,651.75 per ounce. US gold futures were down 0.3% at $1,658.30. Among other precious metals, silver rose 0.1% to $18.71 per ounce, platinum was 0.3% higher at $918 and palladium gained 0.4% to $2,008.97.
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