Gold price plunges by Rs 1,500 in two days, check the latest price
"Gold prices declined on lack of progress over the US stimulus package and in absence of fresh triggers. Traders and investors also rushed to book some profits," said Tapan Patel, HDFC Securities, Senior Analyst (Commodities).
New Delhi: Gold declined by Rs 480 to Rs 47,702 per 10 gram on February 2, in-line with fall in global precious metal prices.
In the previous trade, the metal had closed at Rs 48,182 per 10 gram.
At the same time, the domestic spot price of silver recorded a tremendous fall on Tuesday. A sharp fall of Rs 3,097 was recorded in the spot price of silver. Due to this decline, the price of silver has been reduced to Rs 70,122 per kg. Significantly, in the previous session, silver had closed at Rs 73,219 per kg.
“Gold prices declined on lack of progress over the US stimulus package and in absence of fresh triggers. Traders and investors also rushed to book some profits,” said Tapan Patel, HDFC Securities, Senior Analyst (Commodities).
In the Budget, FM Nirmala Sitharaman proposed to cut duty on gold and silver to 7.5% from 12.5%.