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Commodity Market: Gold price slips down

Mumbai: Price of precious metals edged lower in the Commodity market. On the Multi Commodity Exchange (MCX), the October gold futures were trading at Rs 47,054 per 10 grams, down by Rs 14 against the previous close of Rs 47,068. Silver December futures were trading at Rs 63,768 per kg, down by Rs 72 from the previous session’s rate of Rs 63,840 per kg.

In the international market, gold prices remained firm at US dollar 1,814.54 per ounce. US gold futures were at US dollar 1,817.20. Among the other precious metals, silver price plunged 0.06% to US dollar 25.2 per ounce.

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‘COMEX gold trades little changed little near US dollar 1,815 per ounce after a 0.1% decline yesterday. Gold is range bound amid continuing debate over Fed’s monetary policy. Also support from virus concerns, mixed economic data from major economies and tensions in Afghanistan is countered by continuing ETF outflows and general positive trend in equities. Gold may remain volatile amid Fed uncertainty but global growth and inflation concerns may continue to support’, said head of commodity research at Kotak Securities, Ravindra Rao.


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