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Commodity market: Gold prices fall to lowest in 10 months

The price of gold has continued its downfall in the commodity market.  On the Multi Commodity Exchange (MCX), the gold futures fell 0.4% to 10-month low of Rs.44,768 per 10 gram. Silver futures slipped down by 0.8% to Rs. 67,473 per kg. On Wednesday, gold had slipped 1.2% or Rs. 600 per 10 gram while silver had slumped 1.6% or Rs. 1150 per kg.

In Kerala, the price of sovereign gold has reached at Rs.33,440 down by Rs. 520 per 8 gram. One gram gold is priced at Rs. 4180 down by Rs. 65. In May last year the price of gold has reached at Rs. 33,400 per 8 gram. Thus the price of gold has fallen to lowest in 10 months.

In the international market, the price of spot gold remained unchanged at US dollar 1,711 an ounce. Among other precious metals, silver rose 0.4% to US dollar 26.18 an ounce, while palladium eased 0.3% at US dollar 2,347.52. Platinum shed 0.5% to US dollar 1,161.50.

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