Gold prices fell on Wednesday as investors locked in profits after the metal rallied to a more than seven-year high in the previous session, but fears of a global recession due to the coronavirus pandemic limited losses.

Spot gold was trading down at 0.4% to $1,720.90 per ounce by 02:46 GMT, having jumped as much as 1.9% to its highest since Nov. 2012 at $1,746.50 on Tuesday. U.S. gold futures fell 1.1% to $1,749.90.

Elsewhere, Palladium shed 0.2% to $2,214.62 per ounce and silver dropped 1% to $15.65, while platinum advanced 1% to $782.37.

Source : Reuters