New Delhi | Agencies: Gold prices on Tuesday plunged Rs 338 to Rs 45,853 per 10 gram in futures trade as participants were engaged in profit-booking at prevailing levels in tandem with the yellow metal slipping overseas.

On the Multi Commodity Exchange, gold prices for June delivery fell 0.73 per cent or Rs 338 to Rs 45,853 per 10 gram.

The precious yellow metal for August delivery declined 0.76 per cent or Rs 353 to Rs 46,000 per 10 gram.

In the international markets, Gold prices fell for a third straight session on Tuesday. Spot gold was down 0.7 per cent at USD 1,701.89 per ounce.

U.S. gold futures also fell 0.5 per cent to USD 1,715.40 per ounce.

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"Gold has lost some of its shine on the assumption that easing lockdowns will bring a V-shaped recovery," Saxo Bank analyst Ole Hansen told Reuters.

"The demand destruction due to Covid-19 cannot be overstated, volatility in financial markets remains elevated and precious metals especially gold remains as good hedge in an investor's portfolio of other financial assets," said Avtar Sandu, senior commodities manager at Phillip Futures, in a note.

Silver prices, on the other hand, fell Rs 548 to Rs 41,409 per kg as participants cut down their bets on weak global cues.

On the MCX, silver contracts for May delivery tumbled 1.31 per cent or Rs 548 to Rs 41,409 per kg.

Besides, the white metal to be delivered in July fell 1.26 per cent or Rs 535 to Rs 41,985 per kg.

In the international market, silver prices traded 1.34 per cent lower at USD 15.14 an ounce in New York.

Elsewhere, palladium dropped 0.8 per cent to USD 1,909.71 an ounce, while Platinum gained 0.4 per cent to USD 760.38 per ounce.

 

(with agency inputs)

Posted By: James Kuanal