Gold slips from nearly 7-year high

New Delhi: Gold prices fell sharply on Tuesday, a day after hitting their highest in nearly seven years, with no immediate escalation between the United States and Iran.

On MCX, gold futures rates fell 0.51% or Rs 200 to Rs 40,265 per 10 gram.

Gold prices had increased Rs 1,200 per 10 gram over the previous two sessions.

Gold prices have rallied more than 2% over the past two days, driven by increasing safe-haven demand amid U.S-Iran tension.

In global markets, gold prices slipped from near seven-year highs on Tuesday.