New Delhi: On weak global trend and reduced offtake by the retailers and jewellery fabricators the Gold prices fell by Rs50 to close at Rs15,600 per ten gram in the bullion market here on Monday.
A weakening trend in international markets, which normally set prices here, further fuelled the down-trend.
The gold in Hong Kong traded around $994.00 an ounce, after touching a low of $984.
The metal had surged to one-year high of $1,007.20 an ounce on Thursday in the New York Merchantile Exchange, bolstering demand for the metal as safe hedge following deepening economic crisis.
However, silver market remained close on account of ‘Mahashivratri.’ Trading volume was negligible as most of the traders were in festive mood and refrained from doing any worthwhile business.
Standard gold and ornaments fell by Rs50 each at Rs15,600 and Rs15,450 per ten gram respectively. Sovereign was unchanged at Rs12,400 per piece of eight gram.