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Commodity Market: Gold price slips down marginally

Mumbai: The price of yellow metal edged lower in the commodity market. The US Federal Reserve Chairman Jerome Powell’s remark that the US central bank will soon end its bond purchase has weighed upon the gold price.

On the Multi Commodity Exchange (MCX), gold futures were lower by 0.07% or Rs 34 at Rs 47,771 per 10 gram. Silver futures edged higher by 0.12% or Rs 75 at Rs 62,362 per kilogram. According to the Indian Bullion and Jewellers Association, spot gold is priced at Rs 48,101 per 10 gram and silver is at Rs 62,055 per kilogram.

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In the international market, spot gold rose 0.1% to $ 1,775.85 per ounce. US gold futures were steady at $ 1,776.60. Among other precious metals, silver fell 0.3% to $ 22.73 an ounce, platinum gained 0.7% to $ 940.48 and palladium gained 1% to $ 1,756.19.

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