Mumbai: Price of precious metals -gold and silver- edged higher in the commodity market today. As per market experts, the rising inflation and Russia-Ukraine tensions increased the demand of precious metals.
On the Multi Commodity Exchange (MCX), gold futures surged to Rs 48,471 per 10 gram, higher by 0.09% or Rs 42. Silver futures rose 0.29% or Rs 183 to Rs 62,550 per kg.
In the Kerala market, price of sovereign gold surged to one-month high of Rs 36,440 per 8 gram, up by Rs 120. One gram gold is trading at 4555.
Spot gold was steady at $ 1,825.89 per ounce. U.S. gold futures dipped 0.1% to $ 1,826.30. Among other precious metals, silver was steady at $ 23.18 per ounce, platinum fell 0.5% to $ 1,026.94 and palladium was down 0.4% at $ 2,239.12.