In the commodity market the price of gold has sharply slipped down. In the Kerala market the price of gold has slipped down by Rs.64 to Rs.38,336 per 8 gram. One gram of gold is down by Rs. 8 to Rs.4792.
On Multi Commodity Exchange (MCX) gold futures were down 0.5% to Rs. 48,912 per 10 gram, after rising 0.55% in the previous session. Silver also came off highs. Silver futures on MCX dropped 1.2% to Rs. 52,408 per kg after surging 3.3% in the previous session. Gold prices had hit a new high of Rs. 49,348 per 10 gram last week in tandem with a rally in global markets.
In global markets, gold slipped 0.2% to US dollar 1,798.52 per ounce while US gold futures fell 0.7% to US dollar 1,802.20. Among other precious metals, platinum rose 0.6% to US dollar 833.14 while silver edged 0.1% lower to US dollar 19.07.