New Delhi: Precious metal prices declined 2 per cent in the national capital on Tuesday, with silver slipping to Rs 2.45 lakh per kilogram and gold dropping to Rs 1.57 lakh per 10 grams due to subdued demand amid weak global cues.
According to the All India Sarafa Association, the price of white metal decreased Rs 5,000, or 2 per cent, to Rs 2,45,000 per kilogram from Monday’s closing level of Rs 2,50,000 per kg.
In the bullion market, gold of 99.9 per cent purity depreciated Rs 2,200, or 1.4 per cent, to Rs 1,57,000 per 10 grams. The yellow metal settled at Rs 1,59,200 per 10 grams in the previous session.
In the international market, spot silver slipped $1.65, or 2.15 per cent, to $74.96 per ounce, while gold was trading 1.04 per cent lower at $4,938.70 per ounce.
Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said gold’s “fragile hold” above the $5,000-mark gave way to renewed selling pressure on Tuesday, as support for the metal weakened with the start of China’s Lunar New Year holidays.