Optimism over US economic recovery weighed on gold sentiment as investors shifted their focus from the yellow metal to other riskier assets on renewed optimism.
International spot gold slipped more than 3% to near 4-week low on strong equities and US economic data which dented safe haven appeal. International gold was seen trading at $1,565 an ounce.
Tracking global trend, gold futures all also fell in domestic trade. Also, stronger dollar trimmed demand for the precious metal as an alternative investment as it makes metal more expensive for those holding other currencies.
Gold futures for April contract was seen trading at Rs 28,928 per 10 grams lower by Rs 221 or 0.76% on the Multi Commodity Exchange at 12.40 pm IST.
Silver futures fell more than 1% following weakness in gold. It was seen trading lower by Rs 757 or 1.47% on the MCX.
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