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Commodity Market: Gold price shoots up

Mumbai: Price of gold surged in the commodity market. The decision by the US Federal Reserve to increase the interest rate  only by 50 basis point has supported the yellow metal. As investors were expecting a huge hike in the interest rate. Rate hikes tend to lift bond yields and make gold less attractive by raising its opportunity cost.

On the Multi Commodity Exchange (MCX), gold  futures surged by  1.31% or Rs 664 up at Rs 51,274 per 10 gram. Silver futures were trading higher by 2.82% or Rs 1,753 at Rs 63,867 per kg.

Also Read; Stock Market: Equity indices settle marginally higher 

In the Kerala market, price of sovereign gold reached at Rs 37,920, higher by Rs 320 per 8 gram. One gram gold is trading at Rs 4740, up by Rs 40.

In the international market, price of spot gold was up by  1.1% at $ 1,901.56 per ounce. US gold futures gained by 1.8% to $ 1,902.00. Among other precious metals,  silver climbed by  0.9% to $ .17 per ounce, platinum advanced by  1% to $ 1,001.42 and palladium by  0.9% to $ 2,275.92.

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