Kolkata: Gold and silver prices suffered significant drop in the international market today. Both gold and silver fell by about 6% on the MCX. Gold prices reached
Rs 143,205 and silver touched Rs 274,410. Precious metals also came under significant pressure in the global market. Both gold and silver fell on the US Comex exchange. Analysts have pointed out that the govt might trim the 3% tax levied on the sale of gold and silver to contribute to the cooling of prices that has gone out of reach of the middle class in India.
Bullion rates
Gold and silver prices on the MCX fell by Rs 17,515 to around Rs 274,410 per kg today. Gold prices fell by Rs 9,140 to Rs 143,205. Both metals declined by approximately 6% in a single day. On Jan 31 too, gold and silver prices fell both in the futures and the spot market.
Gold prices fell by more than 8% on Comex exchange in the US. Silver prices fell by more than 29%. Silver has always been more volatile than gold. Over the past day, gold prices in India have fallen by nearly 5%. This represents a weekly decline of over 8%. Silver has declined by over 17% in a single week. This clearly indicates a correction in the short term.
Both gold and silver startled investors all over the world with their returns in 2025. Also in Jan, the returns have been spectacular with new peaks bring created every other day. Gold has gained approximately 5% in one month. Silver has also gained over 16%. In one year, gold has returned a robust 74% return, and silver has returned approximately 194%.
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