Gold prices in India fell almost 1 percent on the Multi Commodity Exchange (MCX) Monday as investors opted for profit booking after the recent rally, analysts said.

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At 1:55 pm, gold futures for June delivery fell 0.79 percent or by Rs 345 to Rs 43,200 per 10 grams as against the previous close of Rs 43,545 and opening price of Rs 43,314 on the MCX.

"Gold prices took a breather as investors opted to cash in to cover losses in the equities amid fears of the economic fallout from the coronavirus epidemic," said Amit Sajeja, AVP Research - Commodities & Currencies at Motilal Oswal.

In global markets, spot gold was little changed at $1,617.13 per ounce by 0820 GMT after Friday's 0.7 percent drop. US gold futures fell 0.4 percent to $1,646.70 per ounce.

However, the longer-term outlook on the yellow metal remains positive and the price can touch to Rs 45,000 per 10 grams levels in next 1-2 weeks, Sajeja added.

"On MCX, gold prices can find strong support at Rs 42,800 level and immediate support at Rs 42,900 level. Resistance is placed at Rs 43,400 level and Rs 43,500 on the higher side," Sajeja added.

Meanwhile, silver futures traded 2.92 percent lower or by Rs 1,194 at Rs 39,700 per kg. The prices opened at Rs 40,000 as compared to the previous close of Rs 40,894 per kg.

First Published:Mar 30, 2020 9:12 AM IST