Mumbai: Gold price surged for second day in a row in Kerala. Sovereign gold crossed Rs 56,000 mark again in the state on Tuesday, November 19. Sovereign gold is priced at Rs 56,520, up by Rs 560 per 8 gram. One gram gold is trading at Rs 7065, up by Rs 70. Yesterday, gold price gained by Rs 480 per 8 gram. Last week, gold price declined by Rs 2800 per 8 gram.
In other major markets, gold prices observed a modest increase on Tuesday. The cost of 24 carat gold is Rs.7649.3 per gram, which reflects an increase of Rs.680. The cost of 22 carat gold is Rs.7013.3 per gram, marking an increase of Rs.620. The price change in 24 carat gold over the past week has been 1.58%, while in the last month, it has risen by 4.96%. The current cost of silver is Rs.92500 per kg.
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In the Multi Commodity Exchange (MCX), gold December futures contracts opened today at Rs 75,400 per 10 gram, which is up by nearly 0.50% or Rs 353. Silver December futures contracts were trading at Rs 91,059/kg, up by 0.6% or Rs 546. Gold prices shot up by Rs 1,480/ 10 grams in the last 2 days while silver prices went up by Rs 2,700/kg in the same period. On Monday, gold December futures contract settled at Rs75,047 per 10 grams with a gain of 1.49%.
In global markets, price of spot gold was little changed at $2,611.79 per ounce. Prices gained 2% in the previous session. U.S. gold futures were flat at $2,615.70. Price of spot silver steadied at $31.14 per ounce, platinum was down 0.2% at $965.36 and palladium eased 0.1% to $1,004.05. holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.2% to 871.65 tonnes on Monday from 869.93 tonnes on Friday.