Domestic gold prices have seen a steep fall over the past one week
In global markets too gold rates have tumbled amid flight to cash
Gold prices continued to decline in domestic markets, extending their recent fall. On MCX, April gold futures fell 2% or about ₹800 to ₹38,755 per 10 gram. Gold had shed about ₹5,000 per 10 gram in previous five sessions, falling from ₹44,500 levels. Silver also continued to remain under pressure, with futures on MCX down about 5% to ₹34,500 per kg. In the previous session, silver futures had tumbled over 10% or ₹4,200 per kg, also following a steep correction in global rates.