Gold and silver prices have taken a toll for the fifth consecutive day as the price for yellow metal plunged below the Rs 50k mark. For 22 carat gold, the price of yellow metal had fallen by Rs1 per 1 gram and Rs10 per 10 gram which gets the gold price to Rs 46,590 as per Good Returns Website.
The gold price today on February 5th has gone below the Rs 50k mark after 65 days, it has fallen by Rs 1 per one gram, and Rs 10 for 10 grams from Rs 46,600 to Rs 46,590 whereas for silver the price remained stable at Rs 66,000 per kg, falling by Rs 200, as per the website.
The reason for the consecutive decline, as per a city-based analyst is due to- Global cues and reduction in basic Customs duty on gold during the Union budget, moreover, the other reason also being that many investors are selling their gold in the past few days for profit-booking and therefore, price of the yellow metal drastically plunged below the Rs 50k mark
The prices of both gold and silver vary accordingly across the nations, and even state wise in India the prices due to exercise duty, sales tax and other taxes are different.
In New Delhi, the capital of India the price of 22-carat gold is cheaper than before at Rs 46,490 in Chennai it decreased to Rs 44,820, in Mumbai the rates were a little higher at Rs 46,590. In Chennai, for 24-carat gold the price is Rs 48,890. Similarly, the cheapest city to buy gold from today on February 5th would Bengaluru, Hyderabad, Mangalore, Mysore and more places with 22-carat rate being Rs 44,340 and 24-carat gold price being Rs 48,370.
