On Wednesday, gold futures on MCX extended losses for the fourth consecutive session on likely profit taking by investors to balance slippages in equity markets. June gold contracts were trading lower by 0.32 percent at Rs 42,817 per 10 grams after opening at Rs 42,700.
In the international market, the precious metal was trading slightly higher with spot gold edging up by 0.4 percent to $1,577.83 per ounce but remained below $1,600 level, allowing space for correction. Gold prices in the global market had slumped 3.1 percent in the previous session.
For over a month, the metal's prices have been highly volatile. While an over 4 percent gain was seen the March ended quarter, the sixth consecutive quarter of gains, investors have been selling the safe-haven asset for cash amid uncertainty in markets from the coronavirus pandemic.
World stocks have reportedly posted their biggest quarterly decline in more than a decade, denting investors' sentiments.
As the number of COVID-19 cases in the world surpassed 8 lakh, with over 1,000 deaths in New York City alone, the end to the pandemic does not appear to be in near sight.
White House officials on Tuesday said that they are projecting between 100,000 and 240,000 deaths in the US from the coronavirus and fatalities are expected to peak over the next two weeks.
In India, COVID-19 has claimed 49 lives and as many as 1,547 have been tested positive. The country is under a 3-week lockdown that has paused sales of domestic jewellers.