Gold prices fell sharply in India today with June futures on MCX falling 0.6% to ₹43,302 per 10 gram, extending losses to the second session.
Silver took a beating with May futures crashing 3% to ₹39,758 per kg. Gold rates in India had surged sharply last week rising about ₹3,000 per 10 gram in tandem with a rally in global rates.
In global markets, gold prices moved higher, lifted by demand for safe-haven bullion as increasing coronavirus cases across the world stoked fears of more economic damage.
Spot gold was up 0.3% at $1,621.85 per ounce. A weak dollar also helped lift gold demand, making bullion cheaper for investors holding other currencies.