Mumbai: Price of gold surged in the commodity market. The weakening of the US dollar and disappointing macroeconomic data from the US supported the yellow metal.
On the Multi Commodity Exchange (MCX), gold futures were trading with marginal gains of 0.08% or Rs 41 at Rs 51,310 per 10 gram. Silver futures gained 0.54% or Rs 334 at Rs 62,670 per kg.
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In the kerala market, sovereign gold is trading at Rs 38,480, higher by Rs 400 per 8 gram. One gram gold is priced at Rs 4810, up by Rs 50.
In the international market, price of spot gold was up by 0.2% at $1,871.28 per ounce. This is the highest level of spot gold since May 9. Gold prices have risen about 1% so far this week. US gold futures surged by 0.2% to $1,874.50. Among other precious metals, silver gained by 0.5% to $22.39 per ounce, platinum remained unchanged at $1,024.57 and palladium climbed 0.5% to $2,064.20.
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