Gold prices in India traded sharply lower on the Multi Commodity Exchange (MCX) Friday as investors opted profit booking after the prices touched all-time highs in previous sessions, analysts said.

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At 2:20 pm, gold futures for June delivery fell by Rs 1,429 or 3.02 percent to Rs 45,829 per 10 grams as against the previous close of Rs 47,258 and opening price of Rs 46,700 on the MCX.

“For the day we can see some recovery coming in from the lower levels. In Indian market, Rs 47,500 per 10 gm looks like a short-term top in place," said Himanshu Gupta, VP - Research, Globe Capital.

For the next week or fortnight, Gupta expects gold prices can consolidate in a range of $1,650-$1,750 per ounce of in international market.

"So the prices can enter into a sideways consolidation and in the Indian bourses also prices can slip towards Rs 45,000-44,500 zone,” he added.

Meanwhile, silver futures traded 3.09 percent or Rs 1,368 lower at Rs 42,887 per kg. The prices opened at Rs 43,456 as compared to the previous close of Rs 44,255 per kg.

First Published:Apr 17, 2020 9:42 AM IST