【India】Gold and Silver Prices Today: Bullion Market Slips After Two-Day Rally, Silver Crashes ₹2,600, Gold Cheaper by ₹960

After two consecutive sessions of gains, the bullion market witnessed a decline in gold and silver prices on Tuesday. Gold today became cheaper by ₹960, settling at ₹1.57 lakh per 10 grams, while silver prices also recorded a sharp fall.

After two consecutive sessions of gains, the bullion market witnessed a decline in gold and silver prices on Tuesday. Gold today became cheaper by ₹960, settling at ₹1.57 lakh per 10 grams, while silver prices also recorded a sharp fall. Silver fell by over ₹2,600 to reach ₹2.61 lakh per kilogram.

Gold and silver came under pressure as the US dollar in the international market recovered from its lowest level in over a week. Investors are awaiting key US employment and inflation data to be released this week. These figures could provide clues about the future direction of the Federal Reserve’s interest rates.

Spot gold prices fell by about 1% to $5,016.56 per ounce. Previously, due to dollar weakness, gold had risen by about 2% in the last session. Notably, on January 29, gold had reached a record high of $5,594.82 per ounce. Meanwhile, US gold futures for April delivery traded down 0.8% at $5,041.60 per ounce.

Silver prices recorded a greater decline compared to gold. Spot silver fell by 2.5% to $81.31 per ounce. Previously, in the last session, silver had risen by about 7%. On January 29, silver also made an all-time high of $121.64 per ounce.

A strong rally was seen in silver prices in the domestic bullion market on Monday. Silver had risen by 6.66% to reach ₹2.72 lakh per kilogram. Meanwhile, the price of 99.9% purity gold also increased by ₹1,300 to reach ₹1.58 lakh per 10 grams.

On Monday, both gold and silver showed strength on the MCX. MCX Gold for April futures closed up by ₹2,943 or 1.89% at ₹1,58,394 per 10 grams. Meanwhile, MCX Silver for March futures closed up by ₹12,853 or 5.14% at ₹2,62,745 per kilogram.