Mumbai: Price of gold edged higher in the commodity market. In the Kerala market, sovereign gold is trading at Rs 41,280, higher by Rs 240 per 8 gram. The yellow metal gained by Rs 320 per 8 gram on Saturday.
On the Multi Commodity Exchange (MCX), gold futures were trading at Rs 56,057 per 10 gram, up Rs 314 or 0.56%. Silver futures were trading higher by Rs 500 at Rs 69,655 per kg on MCX.
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In the international markets, gold prices edged higher and hovered near a seven-month high. The weakening of the US dollar and hopes that the US Federal Reserve might slow its pace of interest rate hike supported the precious metal. In global markets, price of spot gold was up 0.2% at $1,868.89 per ounce. U.S. gold futures also inched 0.2% higher at $1,873.80. Among other precious metals, silver gained 0.6% to $23.95, platinum rose 0.5% to $1,094.97 and palladium fell 0.1% to $1,804.30.
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