Commodity Market: Gold price surge to record high

Mumbai: Sovereign gold price again surged to new all-time high in Kerala. Gold is trading at Rs 59,640, up by Rs 120 per 8 gram. One gram gold is priced at Rs 7455, up by Rs 15. Yesterday, gold price gained by Rs 520 per 8 gram. Yellow metal price surged by Rs 2000 per 8 gram in last four days.

In other major markets, gold prices saw a slight increase on Thursday. The cost of 24 carat gold is Rs.8134.3 per gram, up by Rs.710. The cost of 22 carat gold is Rs.7458.3 per gram, up by Rs.650. The price change in 24 carat gold in the last one week has been -0.41%, whereas in the last month it has been -3.61%. The cost of silver is Rs.103200 per kg, up by Rs.1000 per kg.

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In the Multi Commodity Exchange (MCX), gold December futures contracts opened at Rs 79,681 per 10 gram, which is down by 0.14% or Rs 113. Silver December futures contracts were trading at Rs 96,825/kg, down by 0.94% or Rs 915. In the month of October, precious metals have shown an impressive upward rally, with gold prices gaining Rs 4,000/10 grams and silver prices increasing by Rs 6,100/kg.

In global markets, price of spot gold was steady at $2,786.89 per ounce, after hitting a record high of $2,790.15 earlier in the session. Prices have firmed 6% for the month so far. U.S. gold futures dipped 0.1% to $2,797.80. Price of spot silver fell 0.3% to $33.68 per ounce, platinum was flat at $1,008.68, and palladium fell 0.6% to $1,141.00. All three metals were on track for a monthly gain.