Mumbai: Gold prices slipped down in the commodity market due to high inflation, strengthening of the US dollar, rise in bond yields and rate hike signals from US Federal Reserves. On the Multi Commodity Exchange (MCX), gold futures on MCX is at Rs 48,709 per 10 gram, lower by 0.50% or Rs 246. Silver futures were trading lower by 1.11% or Rs 702 at Rs 62,564 per kg.
In the Kerala market, price of sovereign gold remained firm at Rs 36,640 per 8 gram. One gram gold is priced at Rs 4580.
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In the international market, spot gold fell 0.1% to $ 1,825.29 per ounce. US gold futures dropped 0.7% to $ 1,824.50. Among other precious metals, silver fell 0.3% to $ 23.12 per ounce, platinum was down 0.5% to $ 1,021.49 and palladium dropped 1% to $ 2,231.70 per ounce.