Gold prices fell by Rs 160 to Rs 19,140 per ten grams in the national capital today on sustained selling by stockists,triggered by a weak global trend, while silver strengthened on industrial demand.
Selling pressure in gold gathered momentum as metal prices fell in global markets after a rally in equities reduced demand for the precious metal as a haven.
Gold in global markets, which normally sets a price trend on the domestic front here, fell by USD 4.70 to USD 1,246.60 an ounce.
ADVERTISEMENT
Marketmen said increased selling by stockists in tandem with weak global cues mainly led to a fall in gold prices.
They said subdued demand at existing higher levels also influenced the gold prices.
Gold of 99.9 and 99.5 per cent purity fell further by Rs 160 each to Rs 19,140 and Rs 19,040 per ten grams, respectively. The metal had lost Rs 105 in the previous trading session.
ADVERTISEMENT
However, sovereign continued to be asked around previous levels of Rs 15,000 per piece of eight grams in restricted buying at prevailing levels.
On the other hand, silver ready and weekly—based delivery remained in industrial and speculator’s demand and spurted by Rs 240 and Rs 380 to Rs 31,390 and Rs 31,400 per kg.
Silver coins remained steady at Rs 35,000 for buying and Rs 35,100 for selling of 100 pieces.