Silver, gold prices decline up to 2%

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. “Gold and silver prices fell on Tuesday as low liquidity from Asian market holidays combined with softer US inflation data fuel expectations of future Federal Reserve rate cuts,” Kaveri More, Commodity Analyst at Choice Broking, said.