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Commodity Market: Gold price slips down sharply

Mumbai: Sovereign gold price edged lower sharply in Kerala. Yellow metal is trading at Rs 53,080, down by Rs 640 per 8 gram. One gram gold is priced at Rs 6635, down by Rs 80. Yesterday, gold price gained by Rs 600 per 8 gram.

In other major markets, gold prices saw a slight increase on Saturday. The cost of 24 carat gold is Rs.7471.0 per gram up by Rs.816. The cost of 22 carat gold is Rs.6843.4 per gram up by Rs.748. The price change in 24 carat gold in the last one week has been 1.31%,whereas in the last month it has been 1.86%.The cost of silver is Rs.90850.0 per kg up by Rs.630 per kg.

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On the Multi Commodity Exchange (MCX), gold futures were trading at Rs.71864 per 10 gram down by 0.049%. Gold saw its biggest daily gain in five weeks, rising 1.4% on Thursday. Silver futures were trading at Rs.89140 per kg up by 0.001%.

In the international market, spot gold was up 0.1% at $2,362.60 per ounce. It touched  a two-week high in the previous session. Gold  has gained over 1% so far for the week, adding to their 1.7% increase last week. US gold futures rose 0.3% to $2,376.50.  Price of spot  silver fell 0.5% to $30.56 per ounce, platinum was up 0.3% at $981.00 and palladium gained 0.3% to $926.00.

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