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Commodity Market: Gold prices fall sharply

Mumbai: The prices of precious metals -gold and silver- fell sharply in the commodity market. On the Multi Commodity Exchange (MCX), the August gold futures slipped down by 0.61% to Rs.48,588 per 10 gram. The silver futures edged lower by 0.6% to Rs.71,784 per kilogram. On Friday, gold had declined 0.65% while silver had edged 0.3% higher.

In the international market, the price of spot gold were down by 0.6% to US dollar 1864.58 per ounce. Among other precious metals, silver slipped by 0.3% to US dollar 27.80 per ounce while platinum declined by 0.6% to US dollar 1,143.71.

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In the Kerala market, the price of sovereign gold edged lower and reached the lowest price recorded in June. The price has reached Rs. 36,400 per 8 gram, lower by Rs.2400. One gram gold is priced at Rs. 4550, lower by Rs.25. On Saturday, the gold price settled at Rs. 36,600.


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