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Commodity Market:Gold price fells down

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.

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