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Commodity Market: Gold prices drop for second day in a row

Gold and silver prices had continued their downfall in India today. On the Multi Commodity Exchange (MCX), February gold futures fell 0.42% to Rs.48,760 per 10 gram, extending losses to Rs.2,350 in just two days. Silver futures on MCX declined 0.5% to Rs.63,914 per kg. In the previous session, gold had tumbled Rs.2,050 per 10 gram while silver had tanked Rs.6,100 per kg.

Price of sovereign gold has slipped down for second day in a row in Kerala. Price of gold has reached at Rs. 36,720 per 8 gram down by Rs.320. One gram gold is priced at Rs. 4590 down by Rs.40.

Also Read: Indian rupee falls down against US dollarĀ 

In the international market, the price of spot gold fell 0.7% to $1,836.30 an ounce. Among other precious metals, silver declined 2.4%, while platinum shed 2.3%.

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