Mumbai: Price of sovereign gold depreciated in Kerala for third day in a row. Gold is trading at Rs 56,320, down by Rs 240 per 8 gram. One gram gold is trading at Rs 7040, down by Rs 30. Yesterday, gold price fell by Rs 520 per 8 gram and on Wednesday, it edged lower by Rs 120 per 8 gram.
In other major markets, gold prices experienced a modest decrease on Friday. The cost of 24 carat gold is Rs.7729.3 per gram, reflecting an decrease of Rs 710. The cost of 22 carat gold in India is 7086.3 per gram, a fall of Rs 650. The price fluctuation of 24 carat gold over the past week is recorded at 1.09%, while over the last month, the change stands at -0.49%. The current price of silver in India is 94500 per kg, reflecting an decrease of 1000 per kg.
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In the Multi Commodity Exchange (MCX), gold February futures contracts opened flat on Friday at Rs 75,712 per 10 gram, which is up by 0.08% or Rs 61. Silver March futures contracts were trading at Rs 87,006/kg, down by 0.21% or Rs 181. Gold prices are displaying weakness, falling by Rs 2,260/ 10 grams in the last one week while silver prices fell by Rs 5,600/kg in the same period. On Thursday, gold February futures contract settled at Rs 75,651 per 10 grams with a loss of 1.31%.
In global markets, price of spot gold was flat at $2,594.59 per ounce. Gold price has lost more than 2% this week. U.S. gold futures were also steady at $2,609.30. Price of spot silver steady at $29.02 per ounce, platinum was down 0.4% to $919.70 and palladium eased 0.2% to $904.21. All three metals were poised for weekly losses.
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