The price of sovereign gold in Kerala rose marginally on Monday, with the cost for an 8-gram unit reaching Rs 59,600, an increase of Rs 120. Meanwhile, the price of 1 gram of gold surged to Rs 7450, reflecting an increase of Rs 15. In contrast, the price of gold remained steady the previous day at Rs 59,480 per 8 grams.
In other major Indian markets, gold prices showed a slight decline. The cost of 24-carat gold stood at Rs 8127.3 per gram, marking a decrease of Rs 10. The price for 22-carat gold was Rs 7451.3 per gram, also down by Rs 10. Over the past week, the price of 24-carat gold has decreased by 1.47%, with a more significant 4.7% drop over the last month. Silver, on the other hand, was priced at Rs 99,500 per kilogram, reflecting a Rs 100 decrease.
Futures Trading and Global Market Trends
In the Multi Commodity Exchange (MCX), February gold futures were trading at Rs 78,896 per 10 grams, a decrease of Rs 127, or 0.16%, from the previous session’s closing price. March silver futures, however, increased by Rs 18, reaching Rs 91,620 per kilogram.
On the global front, spot gold prices fell by 0.1%, settling at $2,697.60 per ounce. U.S. gold futures dropped by 0.5%, trading at $2,734.90. Spot silver saw a more notable decline of 0.7%, reaching $30.13 per ounce. Palladium eased by 0.3%, to $944.25, while platinum decreased by 0.2%, settling at $940.05.
The SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, reported an increase in holdings by 1.19%, rising to 879.12 tonnes on Friday from 868.78 tonnes the previous day.
