Mumbai: Gold prices slipped down in the commodity market as the dollar and treasury yields bounced after US Federal Reserve Chairman Jerome Powell signalled a shift away from pandemic-era economic support measures with an interest rate hike likely in March. On the Multi Commodity Exchange (MCX), gold futures edged lower by 1.14% or Rs 558 to Rs 48,293 per 10 gram. Silver futures too dropped by 1.19% or Rs 764 at Rs 63,307 per kg.
In the Kerala market, price of sovereign gold reached at Rs 36,400, down by Rs 320 per 8 gram. One gram gold is trading at Rs 4550, down by Rs 40.
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In the international market, price of spot gold was unchanged at $ 1,817.29 per ounce. US gold futures fell 0.7% to $ 1,817.20. Among other precious metals, silver shed 0.4% to $ 23.40 an ounce, platinum fell 0.5% to $ 1,026.50 and palladium remained unchanged at $ 2,327.55.
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