Gold and Silver Price: After a storm of falling prices for 3 consecutive days, gold and silver prices are seeing a tremendous comeback today. A strong recovery is being seen in the prices of gold and silver on Tuesday, 3 February. Today, spot gold price in international markets increased by 4% to $ 4830 an ounce. Apart from gold, today spot silver also rose by about 8% to reach $82.74. Let us tell you that on January 30, a fall of about 10% was recorded in spot gold prices, which was the biggest fall since 1983.
Record fall in gold and silver prices after record rise
Due to the fall in the prices of gold and silver for 3 consecutive days, the price of gold fell below the important level of $ 5000 per ounce. Not only this, due to this decline a large part of the year’s earnings was also lost. There was a huge decline in the prices of silver compared to gold. There was a 27% fall in silver prices in one session, which was the biggest fall in a day so far. In the last two sessions, gold has fallen by more than 13% in the international markets, while silver has fallen by almost 34 percent.
Gold had reached record level of $5594.82
The decline in gold and silver prices came after a long period of sharp rally. This rally had taken the prices of gold to a record level of $ 5594.82, which has now fallen to $ 4700. That means, a huge fall of $900 has been recorded in the price of gold. The decline, in addition to widespread profit booking, was triggered by US President Donald Trump’s nomination of Kevin Wersh as the next Federal Reserve chair and CME Group’s subsequent decision to raise margin requirements for precious metals futures.
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