Gold dips from record levels to Rs 19,025 on weak global trend

Gold prices fell from their record levels in the national capital on Monday, losing Rs 45 to Rs 19,025 per ten grams on emergence of profit selling by stockists influenced by a weakening global trend.

The precious metal, which had surged to an all-time high of Rs 19,070 per ten grams on Saturday, turned bearish on a weakening global trend coupled with profit booking by stockists at existing levels.

Gold in overseas markets, which normally sets the price trend in the domestic market, declined by $ 5.90 to $ 1214.10 an ounce.

A fall in demand from jewellers and retail customers at higher levels also put pressure on the precious metal’s prices.

Pure gold (99.9) declined by Rs 45 to Rs 19,025 per ten grams, while gold of 99.5 purity was being traded lower by the same margin at Rs 18,925 per ten grams.

However, sovereigns held steady at Rs 14,650 per piece of eight grams in restricted buying.

In line with the general weakening trend, silver ready fell by Rs 225 to Rs 28,600 per kg on lack of buying support from industrial units and jewellery fabricators. Silver weekly-based delivery fell by Rs 200 to Rs 28,225 per kg on reduced offtake by speculators.

Meanwhile, the prices of silver coins remained unchanged at Rs 34,400 for buying and Rs 34,500 for selling of 100 pieces.