Gold falls for fourth day on profit booking

Published: Feb 28, 2020, 11:32 pm IST

Mumbai, Gold prices fell for the fourth straight day on Friday as investors booked profit after the precious metal logged record high earlier in the week.

On the MCX, gold futures for delivery in April slipped Rs 665 to Rs 41,730 per 10 gm while silver futures for May delivery declined 3.8 per cent to Rs 44,887 per kg.

In global markets, gold prices inched higher on Friday amid mounting worries that the rapidly spreading coronavirus could turn into a pandemic and dent global economic growth.

Gold in the global platform recouped and pared some of its losses in the noon session, which saw prices at around $1,630 an ounce. Silver in the same platform shed more than 2 per cent, Geojit Financials said in a note.

“Prices were locked in a trading range with volatile trades since the last two days after the recent rally. So if prices hold the support of Rs 42,000, one could expect further recovery to Rs 42,600 then to Rs 42,740,” the brokerage firm said.

The World Health Organization (WHO) has said that the coronavirus outbreak has reached a “decisive point” and has “pandemic potential” as the toll in China, the country of origin of the deadly disease, increased to 2,788 on Friday.

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