Mumbai: Price of sovereign gold edged lower sharply on the first day of May in Kerala. Gold price slipped below Rs 71,000 mark. This is for first time that gold price is falling below Rs 71,000 mark after April 17.
The yellow metal is trading at Rs 70,200, down by Rs 1640 per 8 gram. One gram gold is priced at Rs 8775, down by Rs 205. Yesterday, gold price remained unchanged at Rs 71840 per 8 gram. On April 22, gold price crossed Rs 74,000 for first time. On April 21, gold price crossed Rs 72,000 mark for first time. On April 17, gold price crossed Rs 71,000 mark for first time in the state. Gold price crossed Rs 70,000 mark on April 13. Gold was priced at Rs 57,200 per 8 gram and Rs 7150 per 1 gram on January 1 this year.
On the Multi Commodity Exchange (MCX), gold index was Rs at 94,611 per 10 gram, down Rs 91/10 gram. Silver prices crashed by Rs 2,301/kg, to Rs 94,561/kg.
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In other major markets,24-carat gold is priced at Rs 94,880/10 gm. 22-carat gold is priced at Rs86,9730/10 gm. Silver prices today are at Rs 95,950/kg.
In global markets, price of spot gold was steady at $3,318.79 an ounce. U.S. gold futures lost 0.2% to $3,328.50. Price of spot silver rose 0.1% to $33.00 an ounce, platinum fell 0.1% to $976.69 and palladium gained 0.2% to $936.36.
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