Mumbai: Price of sovereign gold edged lower for third day in a row in Kerala. Gold is priced at Rs 54,600, down by Rs 200 per 8 gram. One gram gold is priced at Rs 6825, down by Rs 25. Yesterday, gold price fell by Rs 120 per 8 gram. In the last three days, yellow metal price fell by Rs 440 per 8 gram.
In other major markets, gold prices experienced a marginal decline on Thursday. The price of 24 carat gold is Rs.7343 per gm, reflecting a decrease of Rs.80. Similarly, the cost of 22 carat gold stands at Rs.6752 per gm, down by Rs.50. The price fluctuation for 24 carat gold over the past week has been -0.6%, while the change over the past month is -0.02%. The current price of silver is Rs.89500 per kg.
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In Multi Commodity Exchange (MCX), gold futures contracts as well as silver December futures contracts opened flat today after the US Fed cut the interest rates by 50 bps. The former stood at Rs 72,916 per 10 gram, which is down by 0.19% or Rs 139 while the latter stood at Rs 88,375/kg, up by merely 0.09% or Rs 76. However, the prices of gold have fallen by Rs 600 per 10 grams in this week so far while silver prices have dipped by Rs 800/kg.
In global markets, price of spot gold was little changed at $2,558.00 per ounce. Gold rose to a record high of $2,599.92 on Wednesday before closing lower. U.S. gold futures fell 0.6% to $2,582.70. Price of spot silver rose 0.5% to $30.20 per ounce, platinum edged up 0.1% to $969.45 and palladium shed nearly 1% to $1,051.43.
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