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Commodity Market: Gold price decline for second day in a row

Mumbai: Price of sovereign gold depreciated in Kerala for second day in a row. Gold is trading at Rs 58,960, down by Rs 120 per 8 gram. One gram gold is priced at Rs 7370, down by Rs 15. Yesterday, gold price fell  by Rs 560 per 8 gram.

In other major markets, gold prices experienced a minor decline on Saturday. The price of 24 carat gold is Rs.8072.3 per gram, reflecting a decrease of Rs.790. The price of 22 carat gold is Rs.7401.3 per gram, down by Rs.720. The price change for 24 carat gold over the past week has been -1.08%, while the change over the last month has been -4.44%. The current price of silver is Rs.100000 per kilogram, which is a decrease of Rs.3000 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.

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