ndian April Gold futures fell from highs on March 11 tracking weakness in international spot Gold prices as expectations of global policy measures to alleviate the economic impact from the coronavirus eased some investors’ concerns.
Bullion rose as much as 1.7 percent on Monday to its highest level since December 2012 ($1,702.56) after a rout in global equity markets and crashing crude oil prices.
“US President Donald Trump vowed to take major steps to bolster the economy, and Japan unveiled a second package of measures worth about $4 billion to cope with the fallout from the virus outbreak,” said a Reuters report.
In the Multi Commodity Exchange (MCX), April gold contracts were trading lower by Rs 37, or 0.08 percent, at Rs 43,703 per 10 gram at 09:20 hrs.
Gold and silver prices slipped more than 1 percent on Tuesday. Global financial markets are highly volatile since the last week after coronavirus spreads to other countries, global crude oil price war and record low US 10-year bond yields.
Precious metal prices are likely to remain volatile tracking weak rupee, and expectations of some stimulus measures across the world to support the economic activity will trigger risk-on sentiment.
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