Mumbai: Price of yellow metal edged lower sharply in the commodity market. As per market experts, the higher US treasury yields capped the gain of the precious metals. Markets are expecting a big interest rate hike by the Federal Reserve to contain rising inflation. US Federal reserve’s Open Market Committee will begin its two-day meeting on May 3.
On the Multi Commodity Exchange, gold futures slipped down by 0.88% or or Rs 454 down at Rs 51,300 per 10 gram. Silver futures were trading lower by 1.65% or Rs 1,059 at Rs 63,290 per kg.
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In the Kerala market, price of sovereign gold reached at Rs 37,760, lower by Rs 160 per 8 gram. One gram gold is trading at Rs4720, down by Rs 20.
In the international market, price of spot gold edged lower by 0.4% to $ 1,888.56 per ounce. US gold futures dropped by 1.3%to $ 1,886.90. Among other precious metals, silver fell by 0.6% to $ 22.60 per ounce, platinum dipped by 0.5% to $ 926.58 and palladium slid by 2.2% to $ 2,268.48.
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