Gold prices skidded below Rs 46,000 per 10 gram in early hours of trade on the commodity exchanges on Monday amid global concerns over the US Federal Reserve paring back stimulus but recouped most of the losses later in the day. At the MCX, gold touched a low of Rs 45,956 per 10 gram shortly after markets opened but moved up to Rs 46,180 per 10 gram by 6 pm. Volatility persisted with prices on a downward trajectory afterwards. Globally gold rates slumped 4 per cent to $1,690/oz in early hours.

In the Calcutta bullion market, 24 carat gold prices were at Rs 47,250 per 10 grams, down 2.32 per cent from Rs 48,350 per 10 gram last Friday.

“Gold extended its fall, along with silver after a stronger than expected US jobs report on Friday. Market participants worry that the US economic recovery and rising inflation might spur the Fed to pull back on unprecedented economic support,” said Navneet Damani, vice-president, commodities research, Motilal Oswal Financial Services.