Gold Silver Price Today: Bullion market sees decline; Silver falls by ₹1200, Gold cheaper by ₹660

Gold and silver prices fell on Thursday. Gold fell by ₹660 to ₹1.58 lakh per 10 grams. Silver fell by ₹1,200 to ₹2.62 lakh per kg.

Silver prices rose by 4% on MCX on Thursday to ₹2.62 lakh per kg. Gold prices also rose by ₹1,957, reaching ₹1.58 lakh per 10 grams, up 1.25%.

Gold and silver prices in the domestic market

Silver prices rose sharply on Wednesday, jumping ₹4,000 to ₹2.68 lakh per kg. Gold prices also remained firm, surpassing ₹1.61 lakh per 10 grams.

Gold and Silver Prices in the International Market

Spot gold prices fell marginally to $5,080 per ounce, while spot silver fell 2 percent to $82.2 per ounce. Gold and silver prices fell slightly during Asian trading on Thursday following strong US labor market data. The strong job data indicated that the US central bank, the Federal Reserve, is unlikely to cut interest rates in the near future, putting pressure on precious metals.

Gold has fallen 10.4 percent since its record high of $5,608.35 per ounce.

Silver remains about 48 percent below its all-time high of $121.67 per ounce.

Previously, gold saw sharp declines in two consecutive sessions on January 30 and February 2.

This decline coincided with US President Donald Trump's announcement of his nominee for Federal Reserve Chair.

However, despite the recent decline, gold has gained 17.5 percent so far this year amid geopolitical tensions and global economic uncertainty.