Gold falls to Rs 18,750 per 10g
Gold prices fell by Rs 50 to Rs 18,750 per ten grams in the national capital today as stockists sold heavily amid sparse demand at existing high prices at home and a weakening trend in global markets.
The trading sentiment for the precious metal has been cautious following the sharp fall in gold prices from their record level of Rs 19,220 per 10 grams on June 8. This has fuelled speculation that demand for gold will go further downhill from here, especially in light of the trend in global markets.
Reduced offtake from retailers at existing higher levels and shifting of funds from weakening bullion to rising equity markets also dampened the trading sentiment for gold, traders said.
Gold in overseas markets, which normally sets the price trend on the domestic front, declined by 0.5 per cent to USD 1,203.15 an ounce in yesterday's session.
Gold of 99.99 and 99.5 per cent purity fell by Rs 50 each to Rs 18,750 and Rs 18,650 per ten grams respectively. However, sovereigns gained Rs 25 to Rs 14,600 per piece of eight grams on emergence of local buying.
In line with the general weakening trend in bullion, silver ready declined by Rs 50 to Rs 29,000 per kg and weekly-based delivery by Rs 45 to Rs 28,710 per kg.
Meanwhile, silver coins continued to be traded at around the previous level of Rs 34,100 for buying and Rs 34,200 for selling of 100 pieces.