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Commodity Market: Gold rates continues to fall

The price of yellow metal- Gold- has declined in the Indian market for fifth day in a row.  On the Multi Commodity Exchange (MCX), February gold futures fell 0.33% to Rs. 48,702 per 10 gram. Silver prices also declined 1% to Rs.65,866 per kg. In the previous session, gold had declined 0.11% while silver 0.64%. Gold rates are now down about Rs.7,500 from their August highs of Rs.56,300.

In the international market, the price of spot gold has declined by 0.3% to reach at US dollar 1,839.21 per ounce. Silver lost 0.2% to US dollar 25.18 an ounce while platinum fell 0.2% to US dollar 1,063.76.Holdings of the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, fell 0.3% to 1,169.17 tones on Wednesday.

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