Mumbai: Price of gold edged higher in the commodity market. On Wednesday, the yellow metal had touched multi-month lows. Market experts warned that this hike is temporary. The strengthening of the US dollar may cap the gains of the precious metal.
On the Multi Commodity Exchange (MCX), gold futures were trading at Rs 50,648 per 10 gram, higher by 0.29% or Rs 148. Silver futures edged higher by 0.58% or Rs 331 at Rs 57,057 per kg.
In the international market, price of spot gold gained by 0.3% to $1,744.19 per ounce. US gold futures surged by 0.3% to $1,741.80. Among other precious metals, price of silver rose by 0.7% to $19.32 per ounce, platinum gained by 0.2% to $857.53 and palladium jumped by 1.2% to $1,927.92.
In the Kerala market, sovereign gold is trading at Rs 37,480, lower by Rs 600 per 8 gram. Yesterday, price of gold dipped by Rs 400 per 8 gram. One gram gold is priced at Rs 4685,down by Rs 75.