Gold prices in India fell sharply today on profit-taking, tracking a decline in global rates. On MCX, April gold prices declined about 2.7% or ?1,200 to ?42,371 per 10 gram at day’s low, their first decline in five days.
Later gold recovered some losses and were down 1.6% at ?42,855. Over past five days, gold prices had rallied about ?3,000 per 10 gram, hitting a new high of ?43,788 in the previous session. Silver prices also declined today, with futures on MCX falling 3% to 48,049 per kg. A pullback by the rupee to 71.80 against the US dollar also weighed on domestic gold prices.
Increase in the number of new coronavirus cases outside China over the past few days have bolstered the safe haven appeal of gold. The international spot gold prices have rallied to seven-year highs while India’s domestic gold prices rallied to all-time highs.
In global markets, gold prices fell 1% today on profit-taking after the precious metal hit a seven-year high in the previous session. Spot gold prices fell to $1,642.89 after hitting a multi-year high of $1,688.66 in the previous session. A rise in number of corona virus cases outside China supported gold on the downside.
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