A steep fall in gold prices was recorded in Delhi on Monday. According to HDFC Securities, gold prices fell by Rs 1,324 per 10 grams in the national capital. Due to this, the price of gold came down to Rs 47,520 per 10 grams. In the previous session, the gold price was at Rs 48,844 per 10 grams. According to HDFC Securities, after the announcement of reduction in import duty on gold and silver in the Union Budget, this significant decline in gold price was observed. The custom duty on gold and silver has been reduced to 7.5 percent in the budget. Silver ascended by Rs 3,461 to Rs 72,470 per kg. In the previous session, the price of silver was Rs 69,009 per kg. In the global market, gold rose sharply to $1,871 an ounce and silver price reached $29.88 an ounce on Monday.