Gold prices fell on Tuesday as investors booked profits from the recent rally and the dollar firmed, although concerns over a new coronavirus kept safe-haven bullion underpinned.

Spot gold fell 0.2% to $1,577.85 per ounce by 0820 GMT, after hitting a near three-week peak on Monday. U.S. gold futures were flat at $1,578.10.

Bullion rose for the past four sessions as the spread of the coronavirus rattled financial markets and prompted authorities to impose travel restrictions and extend the Lunar New Year holidays.

“Gold has been positive for the last few sessions and is witnessing profit booking now,” said Jigar Trivedi, a commodities analyst at Anand Rathi Shares and Stock Brokers in Mumbai adding “uncertainty and global growth concerns due to coronavirus are still there.”

Source : Reuters