Gold-silver price: Yellow and White metal fall up to 2% after gaining for two days

New Delhi: On Tuesday, the precious metals Gold and silver prices fell after two straight sessions of gains. Spot gold was down 0.70 per cent to $5,040 per ounce, meanwhile, spot silver fell 1.94 per cent to $80.33 per ounce, during the Asian trading hours.

What is the price of gold and silver? 

The precious metals saw no major movements, in Delhi the 24-carat gold was priced at Rs 1,56,870 per 10 grams and 22-carat gold at Rs 1,43,820. Silver traded at Rs  3,019 per 10 grams.

In Mumbai, the 24-carat gold was priced at Rs 1,56,730 per 10 grams and 22-carat gold at Rs 1,43,680. Silver traded at Rs 3,009 per 10 grams.

In Kolkata, the 24-carat gold was priced at Rs 1,56,710 per 10 grams and 22-carat gold at Rs 1,43,660. Silver traded at Rs 2,969 per 10 grams.

Why there is change in rates?

According to analysts, the major reasons behind changes are:

• Weakness in the prices of gold and silver in the international market.
• The strengthening of the US dollar, which put pressure on demand for precious metals.
• Speeding up the process of withdrawing profits by investors.
• When the dollar strengthens, spending by foreign buyers increases and this reduces demand for safe investments like gold and silver.

How much lower are the prices from their record highs?

Gold and silver touched their record highs on January 29. According to MCX, the record high level for gold is Rs 1.93 lakh, while the record high price for silver is Rs 4.20 lakh.