Gold Rate In India Nosedive on Feb 6: 24K Gold Drops Rs. 20,700 per 100g; Silver Falls 34% From Record High

Gold prices in India continued their decline for the second day this week after the yellow metal staged a brief recovery following a massive crash.

The recent fall in gold rates came after the precious metal had scaled fresh peaks following days of relentless price surges, repeatedly breaking past previous records to touch historic highs.

The sudden and sharp drop is expected to bring much-needed relief to buyers and investors who were increasingly concerned about continuously rising prices. Over the past week, bullion markets had been on a strong rally, which had significantly pushed gold rates higher.

Gold Rate in India Today

On Friday, February 6th 24-carat gold rates in India fell by Rs 2070 per 10 grams to cost Rs. 1,52,350. While the 22-carat gold price stands at Rs. 1,39,650 per 10 grams after a massive decline of Rs.1900. The cheaper variant, 18-carat gold, dropped by Rs. 1560 to retail at Rs.1,14,260 per 10 grams.

The bigger weight variant of gold also saw the same drop as the 100 grams of 24-carat gold rates now retail at Rs 1523,500, and the 22-carat gold rates per 100 grams now cost Rs. 13,96,500

Silver prices in India today

Silver rates in India today experienced a big decline. On the 6th of Februray 1 kg of silver in India cost Rs. 2,75,000, which fell by Rs. 25000 per kg. While 100g of silver rates in India retails at Rs. 27,500 after a drop of Rs. 2500.

MCX Gold and Silver Prices

Gold futures are slightly up on the MCX this morning at around 11:30 am on February 6th. Gold futures prices on the MCX, which are going to mature on April 4th, are trading at Rs. 152,648 with a rise of 0.38%. Similarly, silver futures prices set to mature on March 5th, are trading at Rs 2,39,420, which slipped by 1.80% on Friday at the time of writing.

Spot Gold Price and Spot Silver Rate

According to the latest Reuters report, "Spot gold rose 1.1% to $4,822.69 per ounce by 0320 GMT, down 1.2% for the week. U.S. gold futures for April delivery fell 1% to $4,840.40 per ounce. Spot silver was up 0.4% at $71.50 an ounce after a 19.1% drop in the last session."

"Spot Gold is likely to trade with negative bias amid strong dollar. Additionally, demand for safe haven may decline amid ease in geopolitical tension in the Middle East following US and Iran agreeing to hold talks in Oman despite differences about the agenda. Meanwhile, softening of US treasury yields following signs of weakness in labor market conditions would prevent further downside in prices. Labor market weakness would typically strengthen the case for interest rate cuts" as per ICICI Commodity Outlook.

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