New Delhi, Jan 11 (KNN) After soaring to highest rate in nearly seven years, the gold prices finally fell to Rs 39,760 per 10 gram.

On January 10 the rate without GST for gold (purity-999) is Rs 39,760 while for gold with purity-995 is Rs 39,601 while the silver prices also saw a drop to Rs 46,180 per kg from Rs 46,375 per kg.

On the Multi Commodity Exchange, gold prices for delivery in February fell by Rs 182, or 0.46 per cent, to Rs 39,648 per 10 gram in a business turnover of 1,857 lots. The yellow metal for April delivery fell by Rs 178, or 0.45 per cent, to Rs 38,822 per 10 gram in 207 lots.

Globally, equities have rallied after US President Donald Trump responded to Iran's missile attacks with sanctions instead of military action. Also, the US House of Representatives passed a resolution on Thursday to stop Trump from further military action against Iran.

On Wednesday, gold prices had kissed a record high of Rs 41,278 on MCX after traders turned towards the safe-haven commodity following an escalation of tensions in Western Asia.

Iran launched a missile attack on US-led forces in Iraq in the early hours of Wednesday, followed by a "second round" of attacks against US bases in Iraq.

On MCX, February gold futures surged 1.5 per cent or nearly Rs 615 to a record high of Rs 41,278 per 10 gram. Silver futures on MCX jumped 1.4% or nearly RS 700 to Rs 48,785 per kg.

On Monday, the yellow metal had soared to its highest in nearly seven years.

Speaking to KNN India, over the same, Ketan Shroff, spokesperson India Bullion and Jewellers Association of India, had said that such jumps are expected in future also.

''If the tension escalates, amid Mid East, such jumps prices can be seen in future also,'' he had asserted.

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