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Commodity Market: Gold price shoots up

Mumbai:  Price of sovereign gold appreciated in the Kerala market. Sovereign gold is trading at Rs 36,800, higher by Rs 160 per 8 gram. Yesterday, the yellow metal suffered a decline of Rs 120 per 8 gram.

On the Multi Commodity Exchange (MCX), gold futures trading marginally lower at  Rs 49,439 per 10 gram. The precious metal settled at  Rs 49,443 on Wednesday. Silver futures were trading Rs 96 or 0.2% down at Rs 57,202 per kg.

Also Read: Saudia announces flight tickets for 92 Riyals 

In the international market,  yellow metal prices fell 1% as the dollar rose sharply after the US Federal Reserve increased interest rates by another 75 basis points. Spot gold dropped 1% to $1,656.97 per ounce. U.S. gold futures fell 0.5% to $1,667.30.

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