Mumbai: Sovereign gold prices edged lower in Kerala after three days. Gold is priced at Rs 59,480, down by Rs 120 per 8 gram. One gram gold is priced at Rs 7435, down by Rs 15. Yesterday, gold price reached two-month high by surging Rs 480 per 8 gram. In last three days, gold price gained by Rs 960 per 8 gram.
In other major markets, gold experienced a modest increase on Saturday. The cost of 24 carat gold is Rs.8145.3 per gram, reflecting an increase of Rs 650. The cost of 22 carat gold is 7468.3 per gram, a rise of Rs 600. The price fluctuation of 24 carat gold over the past week is recorded at -0.54%, while over the last month, the change stands at -3.69%. The current price of silver in India is 99700 per kg, reflecting an increase of 1000 per kg.
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In the Multi Commodity Exchange (MCX), gold February futures contracts settled flat on Friday at Rs 79,160/10 gram, which is down by 0.08% or Rs 66. Silver March futures contracts ended 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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