Coronavirus impact commodity market: Gold, silver prices fall

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. Gold is typically viewed as a safe harbour in times of turmoil in global financial markets. But the recent sharp fall in gold prices has been attributed to flight for cash amid heightened volatility across markets over the coronavirus scare.