Gold prices in India fell on the Multi Commodity Exchange (MCX) on Tuesday on panic selling across asset classes amid weak sentiment, analysts said.

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At 3 pm, gold futures for April delivery declined 1.31 percent to Rs 39,000 per 10 grams as against the previous close of Rs 39,518 and opening price of Rs 39,489 on the MCX.

"Gold prices will remain under pressure as the sentiment remains weak due to the heightened concerns over the economic impact of the coronavirus outbreak," said Jigar Trivedi, Fundamental Analyst - Commodity, Anand Rathi.

In global markets, gold prices fell almost 2 percent on Tuesday, extending losses from the previous session's meltdown, as investors continued to sell assets to keep their money in cash.

"On MCX, gold may find support at Rs 38,700 levels while resistance is placed at Rs 39,200 levels," Trivedi added.

The strength in Indian rupee against the US dollar also applied pressure on the yellow metal prices. Rupee traded higher by 17 paise at 74.10 per dollar against the previous close of 74.27.

Meanwhile, silver futures traded 4.02 percent lower at Rs 34,750 per kg. The prices opened at Rs 36,057 as compared to the previous close of Rs 36,207 per kg.

First Published:Mar 17, 2020 9:28 AM IST