Gold prices slip by around 1200 Rs per 10 gms, silver drops too

New Delhi : Gold and silver prices registered a sharp fall in the market price on Tuesday. On MCX, gold futures fell 0.14% to Rs 50,400 per 10 gram while silver futures declined 0.5% to Rs 61,011 per kg.

In the previous session, gold had slumped 2.4% or Rs 1,200 per 10 gram while silver had crashed 9.3% or Rs 6,300 following an overnight slump in global rates.

In the international market, the gold prices have slumped around 3% in the precious session. Spot gold today rose 0.3% to $1,918.20 per ounce. In the previous session, gold had fallen to over a month low of $1,882.70 as the US dollar soared to an almost six-week high.

According to experts, the change in the prices of gold is due to economic concerns over fresh coronavirus-induced restrictions in many parts of Europe.

Among other precious metals, silver today gained 1.1% to $25 per ounce, platinum was up 0.6% to $886.20 and palladium rose 0.5% to $2,285.44.