Mumbai: Price of gold fell sharply in the commodity market. According the market experts, the price of yellow metal was affected by the hawkish stance of the US Federal Reserve. The US Federal Reserve hiked the interest rates and bond yields to control the burgeoning inflation in the country.
On the Multi Commodity Exchange (MCX), gold futures is at Rs 47,332 per 10 gram, down by 0.25% or Rs 94. Silver was down by 0.41% or Rs 247 at Rs 60,360 per kg. According to the Indian Bullion and Jewellers Association the highest purity gold is trading at Rs 47,583 per 10 gram and silver at Rs 59,991 per kg.
In the international market, price of spot gold remained firm at $ 1,795.11 per ounce. US gold futures were down 0.2% at $ 1,794.00. Among other precious metals, silver was flat at $ 22.29 an ounce, platinum rose 0.1% to $ 956.10 and palladium shed 0.3% to $ 1,927.25.