Mumbai, April 15 (TIWN) Gold futures on the Multi-Commodity Exchange (MCX) reversed gains after touching its lifetime high level of Rs 46,785 per 10 gram earlier in the day.

Prices of gold have of late skyrocketed due to the uncertainty in the global financial markets amidst the coronavirus crisis.

Anuj Gupta of Angel Broking noted that gold touched its life time high on the MCX June contract and spot gold is trading around $ 1720 which is a 8 year high.

"Safe haven demand and weakness in dollar supports the gold prices. Although the lockdown situation also increased the demand of investment in safe haven asset class product. Low interest rate and global growth forecast cut down by IMF provide extra fuel to gold prices," Gupta said.