Mumbai: Price of sovereign gold edged lower sharply after five days in Kerala. Gold price declined sharply and fell below Rs 73,000 mark. Sovereign gold is trading at Rs 72,120, down by Rs 2200. One gram gold is priced at Rs 9015, lower by Rs 275.
Yesterday, gold price gained by Rs 2200 per gram to Rs 74,320. Gold price crossed Rs 74,000 for first time yesterday. This was the highest gain of gold in a single day. On Monday, gold price crossed Rs 72,000 mark for first time. Gold price on Monday gained by Rs 760 per 8 gram. Gold price remained unchanged at Rs 71,360 per 8 gram for last three days before Monday. On Thursday, gold price crossed Rs 71,000 mark for first time in the state. Gold price crossed Rs 70,000 mark on last Saturday. Gold was priced at Rs 57,200 per 8 gram and Rs 7150 per 1 gram on January 1 this year.
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In other major markets, 24-carat gold is priced at Rs 96,200/10 gram. 22-carat gold is priced at Rs 88,183/10 gram. Silver, meanwhile, iss priced at Rs 95,940/kg.
In the Multi Commodity Exchange (MCX), gold June futures contracts witnessed profit booking in Wednesday’s session, opening significantly lower by Rs 1,883 or 1.45% at Rs 95,457/10 grams.
In global markets, price of spot gold fell 1.2% to $3,340.92 an ounce. U.S. gold futures fell 2% to $3,349.20. Price of spot silver rose 0.2% to $32.58 an ounce, platinum eased 0.6% to $952.65 and palladium lost 0.4% to $931.91.
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