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Commodity Market: Gold price surge for second day in a row

Mumbai: Price of gold edged higher in the commodity market for second day in a row. Sovereign gold is trading in the Kerala market at Rs 42,200, higher by Rs 80 per 8 gram. Yesterday, the yellow metal gained by Rs 200 per 8 gram. Prior to that the precious metal suffered a loss of Rs 960 per 8 gram in 3 days.

On the Multi Commodity Exchange 9MCX), gold futures were trading at Rs 56,951 per 10 gram, up Rs 366 or 0.65%. Silver futures were trading lower by Rs 147at Rs 67,429 per kg.

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Globally, gold prices ticked higher as the US dollar weakened. Price of spot gold was 0.2% higher at $1,870.63 per ounce after hitting its lowest since 6 January in the previous session. U.S. gold futures rose 0.2% to $1,882.50.


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