Gold prices in India opened lower on the Multi Commodity Exchange (MCX) on Tuesday on the improved risk appetite of investors after several parts of the country opened for business.
The gold price had risen for the second day in a row on Monday. The two-day gain in domestic gold prices had come after a four-day slide in the price of the yellow metal amid swings in global risk-on, risk-off sentiments.
At 9:05am, gold futures for June delivery fell 0.71% to Rs 45,480 per 10 grams as against the previous close of Rs 45,807 and opening price of Rs 45,527 on MCX.
Silver futures traded 0.24% lower at Rs 41,143 per kg as compared to the previous close of Rs 41,244 per kg.
In the global market, gold prices slipped as risk sentiment was lifted by easing coronavirus restrictions while brewing tensions between the United States and China over the outbreak kept the safe-haven metal near the key $1,700 per ounce level.
Spot gold fell 0.1% to $1,699.56 per ounce by 0133 GMT. US gold futures were down 0.5% to $1,705.50 per ounce.
Two of the world’s biggest gold refiners, Valcambi and Argor-Heraeus, are restoring almost all operations after Switzerland relaxed lockdown measures, they said on Monday.
SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.4% to 1,071.71 tonnes on Monday from 1,067.90 tonnes on Friday.