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Commodity Market: Gold prices edges higher

The price of gold has surged in the commodity market after five days.  On the Multi Commodity Exchange (MCX), the February gold futures surged 0.26% to Rs.48,749 per 10 gram while silver prices surged 1.5% to Rs. 68,639 per kg. In the previous session, gold had declined 0.5% while silver had surged 1.8%. In India, gold prices are down about 3% or Rs.1,500 so far this year.

In the international market the price of spot gold  was steady at US dollar. 1,840.91 per ounce. Silver rates dropped 0.7% to US dollar 26.18 an ounce.  Holdings of the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, fell 0.4%. The price of spot gold is set for a nearly 3% decline for the month.

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