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Commodity Market: Gold prices surge again

Mumbai: Price of sovereign gold edged higher again in Kerala on Wednesday, August 21, 2024. Yellow metal is trading at Rs 53,680, higher by Rs 400 per 8 gram. One gram gold is priced at Rs 6710, up by Rs 50. Yesterday, gold price declined by Rs 80 per 8 gram.

On the Multi Commodity Exchange( MCX), gold futures opened flat on Wednesday at Rs 71,862 per 10 gram, which is up by 0.12% or Rs 85. Silver were trading at Rs 84,892/kg, up by 0.19% or Rs 162. Gold prices have surged by Rs 2,200/10 gm in the month of August so far while silver has gained Rs 1,100 per kilogram. On Tuesday, gold futures settled at Rs 71,777 per 10 gram with a gain of 0.27% and silver futures settled at Rs 84,730 per kilogram with a gain of 0.46%.

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In global markets, price of spot gold was flat at $2,514.79 per ounce. Gold is  trading below an all-time high of $2,531.60 scaled on Tuesday.  U.S. gold futures were also flat at $2,553. Price of spot silver edged 0.1% higher to $29.45 per ounce, platinum gained 0.5% to $950.80 and palladium added 0.2% at $927.65. The holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.20% on Tuesday.

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