New Delhi: Gold prices fell by Rs65 to Rs12,060 per ten grams on the bullion market on selling by stockists influenced by weakening global trend.
Trading sentiment turned weak following reports of the precious metal falling in London as the dollar rose against the euro, diminishing the metal’s appeal as a hedge against declines in the U.S currency.
“Some investors shifted their funds from gold to rising equity market for quick gains and off-marriage season, reducing the precious metals demand,” dealers said.
Gold in London dipped $5.48 to $861.47 an ounce and silver by 14.51 cents to $16.57.
Standard gold and ornaments lost Rs65 each at Rs12,060 and Rs11,910 per ten grams respectively. Sovereign, however, remained flat at Rs9,875 per piece of eight gram.
A similar trend was noticed in white metal as silver ready met with heavy selling and dropped by Rs320 to Rs23,380 per kg and weekly-based delivery by Rs255 at Rs23,130 per kg respectively.
On the other hand, silver coins was traded around previous levels of Rs26,700 for buying and Rs26,800 for selling of 100 coins.