Gold Prices Fall On Weak Global Trends

Gold prices declined by Rs 10 to Rs 10,260 per 10 gram on the bullion market in New Delhi as stockists, influenced by a weakening trend in the overseas markets, remained active sellers. Standard gold and ornaments fell by Rs 10 each to Rs 10,200 and Rs 10,110 per 10 gram respectively. Sovereign, on the other hand, rose by Rs 50 at Rs 8,600 per piece of eight gram on seasonal buying.

Silver ready traded at last level of Rs 18,700 per kilo while weekly-based delivery dropped by Rs 35 to Rs 18,875 per kilo as speculators were reluctant to enlarge their positions. Silver coins were higher by Rs 100 at Rs 24,900 for buying and Rs 25,00 of 100 pieces on retailers buying for the current marriage season. Trading sentiment in gold turned bearish after reports of the precious metal declining in London on speculation that gains in the dollar will stall the demand for the metal as an alternative investment. The gold fell 5.85 dollar to 788.45 dollar an ounce. Even buying by retail customers for the ongoing marriage season failed to check the weakening trend.