Gold falls further on sluggish demand, global cues

New Delhi: Gold prices fell further by Rs40 at Rs12,920 per ten grams on the bullion market today as stockists sold the metal on weakening global trend.

Marketmen said selling by stockists and report of weakening trend in global market mainly brought down gold prices. April future gold which fell by $2.90 to $974.20 an ounce on the Comex division in the US market last night, influenced the weakening trend here.

Standard gold and ornaments lost another Rs40 each at Rs12,920 and Rs12,770 per ten grams respectively. Sovereign, however, remained flat at Rs10,050 per piece of eight gram.

In a similar fashion, silver ready dropped further by Rs150 at Rs24,650 and weekly-based delivery by Rs220 at Rs26,025 per kilo respectively. Silver coins, on the other hand, was unchanged at Rs26,900 for buying and Rs27,000 for selling of 100 coins.

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