Gold and silver prices fell on Tuesday after two sessions of gains. Gold fell by ₹960 to ₹1.57 lakh per 10 grams. Silver prices fell by ₹2,640 to ₹2.61 lakh per kg.
Precious metals remained under pressure as the US dollar recovered from its lowest level in more than a week. Investors are awaiting key US employment and inflation data released this week for clues on the direction of interest rates.
Gold and silver prices in the international market
Spot gold prices fell 1% to $5,016.56 per ounce. Previously, gold had risen 2% in the previous session due to a weak dollar. On January 29, gold hit a record high of $5,594.82 per ounce. Meanwhile, US gold futures for April delivery fell 0.8% to $5,041.60 per ounce. Silver prices also saw a sharp decline. Spot silver fell 2.5% to $81.31 per ounce, after rising nearly 7% in the previous session. On January 29, silver reached an all-time high of $121.64 per ounce.
Gold and Silver Prices in the Bullion Market
Silver prices jumped 6.66% to ₹2.72 lakh per kilogram in the bullion market on Monday. Similarly, the price of 99.9 percent pure gold also rose by ₹1,300 to ₹1.58 lakh per 10 grams.
Gold and Silver Rise on MCX
Gold and silver prices strengthened in the domestic market on Monday. MCX Gold for April futures on MCX closed at ₹1,58,394 per 10 grams, up ₹2,943, or 1.89%. Meanwhile, MCX Silver for March futures rose by Rs 12,853 or 5.14% to close at Rs 2,62,745 per kg.
US President Donald Trump has decided to postpone a potential major attack on Iran for two weeks.
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