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Commodity Market: Gold price slips down marginally

Mumbai: Price of sovereign gold edged lower marginally in Kerala. Sovereign gold is trading at Rs 44,040, down Rs 120 per 8 gram. In the last two days, price of yellow metal remained firm in Kerala.

On the Multi Commodity Exchange (MCX), gold futures were trading down by Rs 356 or 0.60% at Rs 59,049 per 10 gram.  Silver futures were trading at Rs 72,290 per kg, higher by Rs 940 or 1.28%.

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In the global markets, price of spot gold slid 0.3% to $1,924.68 per ounce. Spot gold prices on Wednesday hit their highest since September 1. U.S. gold futures tumbled 1.1% to $1,944.90. Price of spot  silver fell 0.7% to $23.07 per ounce, platinum slipped 1.1% to $918.79 and palladium dropped 1.8% to $1,251.21.

The holdings of  SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.1% to 878.25 metric tones.  Russia’s gold reserves stood at 75.0 million troy ounces as of the start of September.


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