Mumbai: The price of precious metals-gold and silver- fell sharply in the commodity market. On the Multi Commodity Exchange (MCX), the October gold futures slipped down by 0.6% to Rs 46,377 per 10 gram. Silver futures edged lower by 1% or Rs 608 to Rs 60805 per kg. On Wednesday, gold settled higher by 0.08% or about Rs 343 per 10 gram.
The price of spot gold surged in the national capital. Spot gold is priced at Rs 46370 per 10 gram.
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In the international market, the price of spot gold plunged as US Federal Reserve decided to ease its monthly bond purchases. Spot gold is priced at US dollar 1762.33 per ounce, lower by 0.3%. Among other precious metals, silver fell 0.3% to US dollar 22.60 per ounce while platinum edged lower to US dollar 994.84.