Gold snaps seven-day rising streak, sheds 2.2% on profit booking

Appreciation of rupee versus dollar also helped gold price fall. But outlook remains bullish as metal continues to have safe haven appeal

Gold declined 2.2 per cent on Tuesday, as investors went for profit-booking after seven consecutive days of a rise in its price. Investors were wary of weak demand from retail and bulk consumers, including jewellery stores, following extension of the nationwide lockdown to prevent the spread of coronavirus.

The price of standard gold in the popular Zaveri Bazaar here declined by Rs 1,028 on Tuesday to trade at Rs 46,778 per 10 gram. Silver, too, fell 2.7 per cent to Rs 46,800 a kg. There was no transaction of business due to the closure of shops. A sustained weak demand pulled