Gold prices fell sharply in Indian markets today, extending losses to the fourth day. On MCX, gold futures fell as much as Rs 763 to Rs 41,443 per 10 gram as a selloff in global equities also hurt the precious metal.

Silver futures on MCX today tumbled two per cent or about Rs 1,000 per kg to Rs 43,179. Gold prices in India had tumbled about Rs 1,100 per 10 gram in the previous session while silver had crashed Rs 1,600 per kg.
Though gold is viewed as a safe haven, it has not been spared from this week’s global rout in equities. Equities have been in freefall on concerns emergency fiscal and monetary packages won’t be enough to stave off a recession amid the coronavirus pandemic that’s hitting global growth.

The global rout in equities has triggered margin calls and as investors look for opportunities where they can cash in while a stronger dollar has also curbed the metal’s appeal.  Domestic gold prices include 12.5% import duty and 3% GST.