The price of gold and silver dropped to a two-week low on Tuesday, extending losses for second day in a row. On Monday, gold witnessed the largest single-day loss in two years.

In Delhi, price of 24-carat gold was recorded at Rs 73,680 per 10 grams while 22-carat gold was trading at Rs 67,540.  

In the futures trade on the Multi Commodity Exchange (MCX), gold prices for the most traded June contract was valued at 70,430 per 10 grams. The silver prices on MCX for May contracts tanked Rs 710 or 0.9 per cent to Rs 79,869 per kg.

Why is gold price falling?

One of the main reasons for the melting metal prices is that the investors are moving their money from gold to the stock market amid thawing tensions in the Middle East.

The waning chances of the US Federal Reserve cutting rates in the immediate future is another reason cited for fading prices of the precious metal.

A surge in the US dollar and Treasury yields also brought down the price of gold.