Mumbai: Price of sovereign gold edged higher in Kerala for third day in a row. Gold price is hovering near record high. The yellow metal is trading at Rs 59,600, up by Rs 480 per 8 gram. One gram gold is priced at Rs 7450 , up by Rs 60 . Yesterday, gold price gained by Rs 400 per 8 gram.
In other major markets, gold prices experienced a modest increase on Friday. The cost of 24 carat gold is Rs.8080.3 per gram, reflecting an increase of Rs 550. The cost of 22 carat gold in India is 7408.3 per gram, a rise of Rs 500. The price fluctuation of 24 carat gold over the past week is recorded at -0.59%, while over the last month, the change stands at -2.65%. The current price of silver in India is 98700 per kg, reflecting an increase of 2000 per kg.
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In the Multi Commodity Exchange (MCX), gold February futures contracts opened flat on Friday at Rs 79,160/10 gram, which is down by 0.08% or Rs 66. Silver March futures contracts were trading at Rs 95,525/kg, down by 0.3% or Rs 278. Gold prices have surged by Rs 700/10 grams in this week so far while silver prices traded flat, gaining Rs 19/kg in this week. On Thursday, gold February futures contract settled at Rs 79,226 per 10 grams with a gain of 0.66%.
In global markets, price of spot gold was flat at $2,715.21 per ounce, hovering near a more than one-month peak hit on Thursday. Gold has gained about 1% so far this week. U.S. gold futures dropped 0.1% to $2,747.50. Price of spot silver rose 0.1% to $30.82 per ounce, adding over 1% for the week. Palladium eased 0.1% to $937.25 and platinum shed 0.1% to $931.85. Both were headed for weekly losses. Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.43% to 868.78 tonnes on Thursday from 872.52 tonnes on Wednesday.
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