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Gold prices fall as traders book profits after impressive rally

Globally, gold prices fell 1 per cent as investors chose to pocket profits after the metal hit a seven-year high in the previous session.

ETMarkets.com|
Last Updated: Feb 26, 2020, 08.33 AM IST
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Reuters
Gold-2---Reuters
Globally, spot gold was down 0.7 per cent to $1,649.49 per ounce, having touched a session low of $1,642.89.
Bullion counters witnessed a sharp drop in the opening trade on Tuesday as traders resorted to profit booking following a massive rally in the previous session that led precious metals to record highs.

Gold futures fell 1.34 per cent or Rs 584 to Rs 42,996 per 10 grams while silver futures plunged 1.67 per cent or Rs 825 to Rs 48,580 per kg.

Gold prices on Monday soared Rs 953 to Rs 44,472 per 10 gram in the national capital on weaker rupee and rise in global prices, according to HDFC Securities. Silver prices also rose by Rs 586 to Rs 49,990 per kg from Rs 49,404 per kg.

Gold Rates - Spot & Futures (.995 purity) (MCX)



Globally, gold prices fell 1 per cent as investors chose to pocket profits after the metal hit a seven-year high in the previous session, although growing fears over a spike in new coronavirus cases outside of China capped bullion's losses.

Spot gold was down 0.7 per cent to $1,649.49 per ounce, having touched a session low of $1,642.89.

Gold soared as much as 2.8 per cent on Monday to its highest level in seven years.

Goldman Sachs said commodity prices could fall sharply before Chinese stimulus to combat the coronavirus impact later this year helps the sector achieve its 12-month return forecast of about 10 per cent.

Palladium rose 0.6 per cent to $2,642.97 an ounce, while platinum gained 0.3 per cent to $966.53.

Silver eased about 0.3 per cent to $18.58 per ounce.

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