Mumbai: Sovereign gold prices edged lower for sixth day in a row in Kerala. Gold price reached below Rs 54,000 after 11 days. Yellow metal is priced at Rs 53,960, down by Rs 200 per 8 gram. Yesterday, gold price declined by Rs 160 per 8 gram. On Wednesday, Gold price touched all-time high of Rs 55,000 per 8 gram. Then gold price declined by Rs 1040 per 8 gram in last five days.
In other major markets, gold prices saw a slight increase on Tuesday. The cost of 24 carat gold is Rs.7521.7 per gram up by Rs.732. The cost of 22 carat gold is Rs.6889.9 per gram up by Rs.670. The price change in 24 carat gold in the last one week has been 0.16%, whereas in the last month it has been -0.67%. The cost of silver is Rs.89160 per kg up by Rs.90 per kg.
On the day of the Union Budget, gold futures at the Multi Commodity Exchange (MCX), opened flat at Rs 72,838 per 10 gram, rising by 0.17% or Rs 120, while the silver futures opened 0.21% or Rs 191 lower at Rs 89,012/kg.
Gold prices have fallen by Rs 1,500/10gm in the last one week whereas silver prices have witnessed a fall of Rs 4,600/kg in the same duration. On Monday, gold futures settled at Rs 72,718 per 10 gram with a loss of 0.37% and silver futures settled at Rs 89,203 per kilogram wit
In global markets, price of spot gold held its ground at $2,398.29 per ounce. U.S. gold futures edged 0.1% higher to $2,397.70. Price of spot silver fell 0.5% to $29.06 per ounce, platinum firmed 0.1% at $948.13 and palladium lost 0.1% to $907.25.
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