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Commodity Market: Gold prices drop in India

Mumbai: The price of precious metals –gold and silver- edged lower in the commodity market. On the Multi Commodity Exchange (MCX), the August gold futures slipped down by 0.08% to Rs. 48,953 per 10 gram. Silver futures also down by 0.3% to Rs. 71,308 per kilogram. In India, gold rates turned volatile after they hit a near five-month high of Rs. 49,800 last week. In August last year, gold had risen to a record high of Rs.56,200.

In the international market, the price of spot gold was down by 0.2% to US dollar 1886.76 per ounce. Among other precious metals, silver dropped 0.7% to US dollar 27.58 per ounce while platinum rose 0.2% to US dollar 1,164.72.

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In the Kerala market, the price of sovereign gold continued its downward rally. The price reached Rs.36,640 per 8 gram, down by Rs.80. One gram gold is priced at Rs. 4580, down by Rs.10. On Saturday, gold was priced at Rs. 36,720 per 8 gram.


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