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Commodity market: Gold price edges lower marginally

Mumbai: Price of yellow metal dipped lower on Monday to its new two-week lows. The expectations over the interest rate hike of US Federal Reserve have influenced the investors.

On the Multi Commodity Exchange (MCX), gold futures  slipped by  0.42% or Rs 221 down at Rs 52,040 per 10 gram. Silver futures were trading sharply lower by 1.27% or Rs 856 at Rs 65,724 per kg.

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In the international market, price of spot gold was down by 0.3% at $ 1,923.74 per ounce. It is the lowest price  since April 7. US gold futures were down by 0.6% at $ 1,923.30. Among other precious metals,  silver dipped by  1% to $ 23.89 per ounce, platinum eased by  0.4% to $ 927.00 and palladium fell by  2.9% to $ 2,305.69.

In the Kerala market, price of gold remained unchanged. Sovereign gold is priced at Rs 39,200 per 8 gram. One gram gold is trading at Rs 4900.

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