Mumbai: Gold prices edged lower in the commodity market. As per the market experts, the strengthening of the US dollar has weighed upon the yellow metal. The dollar held steady after climbing to its highest since March 2020 on Tuesday. The expectations over the hike in rates by US Federal Reserve boosted demand for the dollar.
On the Multi Commodity Exchange (MCX), gold futures slipped down by 0.13% or Rs 69 down at Rs 51,515 per 10 gram. Silver futures shed 0.19% or Rs 93 to trade at Rs 64,875 per kg.
In the international market, price of spot gold was down by 0.1% at $ 1,903.16 per ounce. U.S. gold futures were up by 0.1% at $ 1,905.80. Among other precious metals, silver gained by 0.3% to $ 23.56 per ounce, platinum rose by 0.2% to $ 922.89 and palladium climbed by 0.1% to $ 2,188.44.
In the Kerala market, price of sovereign gold remained unchanged at Rs 38,760 per 8 gram. One gram gold is trading at Rs 4845.