New Delhi: There’s good news for gold buyers in India today as gold prices have fallen over Rs 2,000 per 10 grams following a sharp decline in global prices. On Multi Commodity Exchange of India (MCX), February gold futures were down by over 4 per cent. It traded around Rs 48,000 per 10 grams, a decline of Rs 2,000. Also Read - Is KYC Mandatory For Cash Purchase of Gold, Silver Jewellery? Read What The Govt Says

The fall in gold prices is a global phenomenon as world markets took clue from the developments in the US, where Joe Biden is set to take charge as the President in less than two weeks. Also Read - Gold Price To Continue To Glitter In New Year After Having Good Run in 2020

In global markets, spot gold dropped nearly 4 per cent to $1,833.83 per ounce with a spike in US Treasury yields and a strong dollar which dampened the appeal of the save-haven metal. A stronger dollar puts pressure on bullion and makes it more expensive to hold for other currencies.

Here are the latest gold prices for physical buying in India as on Saturday in the cities of Delhi, Mumbai and Bengaluru:

City22 karat gold (per 10 gm)24 karat gold (per 10 gm)
DelhiRs 49,650Rs 54,160
MumbaiRs 49,820Rs 50,820
KolkataRs 50190Rs 52,890
ChennaiRs 47,920Rs 52,270
BengaluruRs 47,500Rs 51,800

Meanwhile, silver futures tanked Rs 6,100 or 8.8 per cent to Rs 63,650 per kg.

On Friday, gold prices fell Rs 614 to Rs 49,763 per 10 gram in the national capital , tracking a weak global trend.

Silver prices also plunged Rs 1,609 to Rs 67,518 per kilogram from Rs 69,127 per kilogram in the previous trade.

In the international market, gold was trading lower at USD 1,889 per ounce, while silver was quoting flat at USD 26.68 per ounce.