Delhi: Gold prices in India fell today after hitting a record high in the previous session.On Multi Commodity Exchange (MCX), gold futures fell to ₹47,920 per 10 grams. In the previous session, gold prices had hit a record high of ₹48,289 per 10 gram before paring most of the gains.

In a global economy, the gold rate is gradually moving high due to  rising concerns about a surge in coronavirus infections sent global equities lower on Wednesday and pushed investors into perceived safe havens such as gold, which hovered near its highest level in eight years.

Gold is often considered to be stored safe and it’s value is counted during the time of financial crisis.

Spot gold rates were up 0.2% at $1,764.20 per ounce. In the previous session, they had hit a near eight-year high of $1,779.06. Among other precious metals, platinum gained 0.2% to $801.43 while silver rose 0.2% at $17.56. Investment demand for gold continued to go up and the world’s largest ETF said that it rose 0.65% to 1,176.85 tonnes on Wednesday.

The International Monetary Fund projected a deeper recession and slower recovery of the world economy due to covid-19.

“We can expect it to be on Wednesday of Global Gross Domestic Product GDP to shrink 4.9% upto  this year.”

The US dollar traded higher as an increase in coronavrius cases in the country undermined hopes for a quick turnaround in the pandemic-hit economy.