Mumbai: Sovereign gold price edged lower by Rs 560 to Rs 59,080 per 8 gram in Kerala on November 1. One gram gold is priced at Rs 7385, down by Rs 70.
In other major markets, gold prices experienced a slight increase on Friday. The price of 24 carat gold is Rs.8151.3 per gram, reflecting an increase of Rs.170. The price of 22 carat gold is Rs.7473.3 per gram, which has risen by Rs.150. The price change for 24 carat gold over the past week has been -1.08%, while over the last month it has decreased by -3.72%. The price of silver is currently Rs.103000 per kilogram, having decreased by Rs.200 per kilogram.
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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.