Gold-Silver price today: There was a big reversal in the prices of gold and silver today. Due to sluggish demand in the domestic markets and recession in the global market, the price of gold fell by Rs 700 today. Gold reached Rs 79,000 per 10 grams. On Friday, the price of gold was Rs 79,700 per 10 grams. On the other hand, the price of silver increased by Rs 300. Silver became costlier by Rs 300 and reached Rs 90,700 per kilogram. 

The white metal closed at Rs 90,400 per kg in the previous session. On Monday, Food and Consumer Affairs Minister Pralhad Joshi asked the Bureau of Indian Standards (BIS) to consider implementing mandatory hallmarking for silver and silver artifacts following demand from consumers. The minister said that work in this direction has already started and the government will take a decision after consultation with stakeholders and completion of feasibility assessment by the BIS. In foreign markets, Comex gold futures rose 0.18 percent to $ 2,659.60 an ounce. 

 The effect of the strong dollar

Rahul Kalantri, Vice President (Commodity), Mehta Equities Limited, said, "Gold and silver prices witnessed huge volatility last week, but still improved significantly. This surge came despite the challenges of strengthening dollar and rising US bond yields." Kalantri said that mixed economic news from the US and Europe gave some relief to precious metals, while weak manufacturing activities in developed countries boosted safe investment demand. Apart from this, Comex silver futures were trading 2.68 percent higher at $30.87 an ounce in Asian market hours.

Gold futures price fell 

Gold prices on Monday fell by Rs 192 to Rs 77,125 per 10 gram in futures trade as speculators reduced the size of their deals amid weak global cues. On the Multi Commodity Exchange (MCE), the price of gold contract for delivery in February fell by Rs 192 or 0.25 per cent to Rs 77,125 per 10 gram. A total of 12,442 lots were traded. Market analysts said the fall in gold futures prices was due to the weak trend in global markets.