Commodity Market: Gold price slips down sharply

Mumbai: Gold price edged lower sharply in the commodity market. The hike in the interest rate by US Federal Reserve weighed upon the yellow metal.

On the Multi Commodity Exchange (MCX), gold futures were trading lower by 0.58% or Rs 291 at Rs 50,315 per 10 gram. Silver futures slipped sharply by 1.17% or Rs 690 at Rs 58,100 per kg. Sovereign gold is trading at Rs 37,360, lower by Rs 120 per 8 gram in the Kerala market. Yesterday, the yellow metal gained by Rs 200 per 8 gram.

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On the international markets, price of spot gold rose 0.2% to $1,638.32 per ounce. US gold futures fell 0.6% to $1,640.70. Among other precious metals,  silver rose 0.3% to $19.33, platinum rose 0.6% to $935.98 and palladium edged 0.3% higher to $1,860.08.