Gold fell by Rs. 85 to trade below the Rs. 19,000 level at Rs. 18,940 per ten grams in the bullion market on Tuesday on profit-selling by stockists, influenced by a weakening global trend.
Marketmen said the emergence of profit-selling at existing higher levels amid a weakening trend in the global market mainly led to the fall in gold prices.
The fall in demand at higher levels also dampened the trading sentiment to some extent, they said.
Gold in international markets, which normally sets the price trend on the domestic front, fell by USD 6.10 to USD 1,221.40 an ounce in New York last evening.
Standard gold of 99.9 per cent purity and gold of 99.5 per cent purity fell by Rs. 85 each to Rs. 18,940 and Rs. 18,840 per ten grams respectively, while sovereigns held steady at Rs. 14,650 per piece of eight grams.
In line with the general weakening trend, silver ready declined by Rs. 100 to Rs. 29,550 per kg and weekly-based delivery by Rs. 25 to Rs. 29,210 per kg.
Meanwhile, the price of silver coins was unchanged at Rs. 34,400 for buying and Rs. 34,500 for selling of 100 pieces.
