Mumbai: Sovereign gold price crossed Rs 58,000 mark in Kerala. Sovereign gold is trading at Rs 58,400, up by Rs 600 per 8 gram. One gram gold is priced at Rs 7300, up by Rs 75. Gold price is gaining for sixth day in a row. Yesterday, gold price gained by Rs 640 per 8 gram. Last week, gold price declined by Rs 2800 per 8 gram. But, this week gold price edged higher by Rs 2920 per 8 gram.
In other major markets, gold prices experienced a marginal increase on Saturday. The price of 24 carat gold is Rs.7900.3 per gram, reflecting an increase of Rs.870. The price of 22 carat gold is Rs.7243.3 per gram, which has increased by Rs.800. The price variation in 24 carat gold over the past week is -2.54%, while it has increased by 2.35% over the past month. The price of silver stands at Rs.95000 per kilogram.
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In Multi Commodity Exchange (MCX), gold December futures contracts settled higher today at Rs 77,018 per 10 grams, which is up by 0.42% or Rs 325. Silver December futures contracts ended at Rs 90,052/kg, up by 0.14% or Rs 127. Gold futures prices surged for the 5th consecutive session today, gaining nearly Rs 3,100/10 grams while silver futures have surged by Rs 1,600/kg in the same time period. On Thursday, gold and silver settled on a mixed note in the domestic and international markets. Gold December futures contract settled at Rs 76,693 per 10 grams with a gain of 0.87% while silver December futures contract settled at Rs 89,925 per kilogram with a loss of 0.18%.
In global markets, price of spot gold was little changed at $2,669.99 per ounce and up over 4% for the week so far. Gold rose to over one-week high in the previous session. U.S. gold futures edged down by 0.1% to $2,672.00. Price of spot silver fell 0.1% to $30.75 per ounce, platinum steadied at $961.53 and palladium edged up 0.1% to $1,037.57. All three metals were on track for weekly rise. Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.29% to 877.97 metric tons on Thursday.
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