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.
Gold prices in India fell today on profit-taking, tracking a decline in global rates. On MCX, April gold prices declined 1.34% or ₹584 to ₹42,996 per 10 gram in their first decline in five days. 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 1.6% to ₹48,580 per kg. A pullback by the rupee to 71.80 against the US dollar also weighed on
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 coronavirus cases outside China supported gold on the downside.
