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Commodity Market: Gold price shoots up sharply

Mumbai: Sovereign gold price appreciated sharply on Wednesday in Kerala. Gold is priced at Rs 46,080, up by Rs 200 per 8 gram. One gram gold is priced at Rs 5760, up by Rs 25. Yesterday, yellow metal declined by Rs 80 per 8 gram and Rs 10 per 1 gram. Price of gold in major physical bullion markets like Delhi, Ahmedabad and other cities is Rs 63,500 per 10 gram while that of 1 kg of Silver is Rs 73,000.

On the Multi Commodity Exchange (MCX),  gold futures trading at Rs 62,210 per 10 gram, up by Rs 43 or 0.07% while silver futures were trading at Rs 71,421 per kg, higher by Rs 166 or 0.23%.   On Tuesday, the MCX Gold April contract closed at Rs 62,135, down by Rs 32 or 0.05% while silver futures settled at Rs 71,244, down by Rs 11 or 0.02%.

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Gold’s year-to-date (YTD) losses are at Rs 1,036 per 10 gram or 1.64% while month-to-date (MTD) declines stand at Rs 568 or 0.91. As for Silver, the YTD declines stand at Rs 3175 per kg or 4.27% while MTD declines at Rs 992 or 1.37.

In global markets, price of spot gold was flat at $2,024.00 per ounce. U.S. gold futures edged 0.2% down to $2,035.00 per ounce. Price of spot platinum was up 0.1% at $901.50 per ounce, palladium rose 0.2% at $977.05, while silver was down 0.1% at $22.97 per ounce.

On the Comex, gold futures were trading at $2,038.90 per troy ounce, down by $0.90 or 0.04%, while silver futures were hovering at $23.140 per troy ounce, higher by $0.004 or 0.020%.




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