Mumbai: The price of yellow metal sipped down in the commodity market. As per market experts, the price of gold may appreciate in the market as the rising crude oil price will fuel global inflation leading to weakness in the major global and local currencies.
On the Multi Commodity Exchange (MCX), gold futures rose by 0.18% to Rs 47,820. According to experts, MCX gold rate has been on the downside for last one and half years after reaching its life time high in August 2020. Silver futures slipped by 0.44% to Rs 61,645. Spot gold is trading at Rs 48,980 per 10 gram, down by Rs 120. Silver prices rose by Rs 200 to Rs 62,200 per kg.
In the international market, spot gold is trading in the range of $ 1780 to $ 1835 per ounce. As per experts, it may go up to $ 1900 to $ 1910 per ounce levels in the coming days.