Gold and silver prices on Tuesday fell sharply in India amid a decline in global markets and a rebound in rupee against the US dollar.
On MCX, gold futures rates fell 0.51% or ₹200 to ₹40,265 per 10 gram. Gold prices had surged over ₹1,200 per 10 gram over previous two sessions amid Middle East tensions and a sharp fall in rupee against the US dollar. Tracking gold, silver rates also saw a decline with futures on MCX falling 0.6% to ₹47,266 per kg.
In global markets, gold prices today slipped from near seven-year highs. Lack of further escalation between the US and Iran led to some profit-taking after the recent run-up in gold prices.
Spot gold today fell 0.2% to $1,562.81 per ounce after hitting their highest level in nearly seven years at $1,582.59. Elsewhere, silver slipped 0.5% to $18.06 per ounce.
Reflecting the safe haven appeal of during geopolitical uncertainty, the holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.10% to 896.18 tonnes on Monday, from 895.30 tonnes on Friday.