SRINAGAR: Gold prices fell steeply in early trade on Friday, January 30, as investors booked profits at elevated levels following a sharp rise in the dollar index. On the Multi Commodity Exchange (MCX), February gold futures dropped by over Rs 10,000, or nearly 6 percent, to around Rs 1,59,250 per 10 grams. Silver prices also witnessed heavy selling, with March futures tumbling close to Rs 24,000, or 6 percent, to Rs 3,75,900 per kg. Despite the correction, gold has recorded strong gains this year, rising more than 24 percent in January. According to Reuters, the metal is on track for its sixth consecutive monthly increase and its biggest monthly rise since January 1980.