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Commodity Market: Gold price slips down sharply

Mumbai: Price of sovereign gold edged lower sharply in Kerala. Sovereign gold is priced at Rs 540,40, down by Rs 400 per 8 gram. One gram gold is trading at Rs 6755, down by Rs 50. On Saturday, gold price declined by Rs 80 per 8 gram. Yesterday, yellow metal price remained unchanged.

On the Multi Commodity Exchange (MCX), gold  futures fell by Rs 721 or nearly 1% to trade at Rs 72,085 per 10 gram. While, silver futures were down Rs 1,313 or 1.6% to Rs 82,194 per kg. On Friday, the gold futures settled at Rs72,806 per 10 gram while the silver futures settled at Rs 83,507 per kilogram. Precious metals have pulled back after a streak of highs in the previous weeks.

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In global markets,  price of spot gold fell 0.3% to $2,381.36 per ounce. U.S. gold futures were down 0.7% to $2,395.80 per ounce. Price of spot silver fell 0.6% to $28.48 per ounce, platinum was down 0.1% at $930.72, while palladium was unchanged at $1,026.44.

 

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