Gold prices fell today after the yellow metal hit record high in the previous session as the number of new coronavirus cases outside China spiked. On MCX, gold April futures were trading Rs 714 or 1.64 per cent lower at Rs 42,866 per 10 grams, while the silver March futures were ruling at Rs 48,350 per Kg, down Rs 1,055 or 2.14 per cent. "MCX Gold fell more than 1% as investors chose to pocket profits after the metal hit a seven-year high in the previous session in the international market, although growing fears over a spike in new coronavirus cases outside of China capped bullion’s losses. Total infected worldwide has topped near 80,000 and more than 2,650 are reported dead," Jigar Trivedi, Fundamental Research Analyst – Commodities, Anand Rathi Shares and Stock Brokers said.
Spot gold was down 0.2 per cent to $1,657.40 per ounce, after falling a per cent in the session. On Monday, the yellow metal rose as much as 2.8 per cent to its highest since January 2013 at $1,688.66. US gold futures fell 1.1 per cent to $1,658.60 an ounce."The undertone is surely positive for the yellow metal but we see correction on the table. Having said this, the dollar had slipped in yesterday’s session and if it continues to fall, the yellow metal may rebound in intraday," Jigar Trivedi said.
In commodities, oil prices rose on Tuesday. Brent crude rose 29 cents, or 0.5 per cent, to $56.59 a barrel, after slipping 3.8 per cent on Monday, the largest single-day price fall since February 3. US crude futures climbed 22 cents, or 0.4 per cent, to $51.65, recovering from a 3.7 per cent drop in the previous session.