Gold falls below 17k-mark on weak global cues

Gold falls below 17k-mark on weak global cues

New Delhi: Snapping its three-day ascent, gold lost Rs140 per ten grams on Tuesday to fall below Rs17,000 level on the bullion market here on a weak global trend.

Standard gold and ornaments tumbled by Rs140 each to Rs16,940 and Rs16,790 per ten grams, respectively, while sovereign maintained its previous rate of Rs14,000 per piece of eight grams.

Marketmen said fresh off-loading by stockists on reports of a weakening global trend led to the fall in prices of both gold and silver.

The precious metal fell by $4.50 to $1,112.60 an ounce in New York last evening.

Subdued demand at higher levels aggravated the downtrend, they added.

Silver ready dropped by Rs275 to Rs25,600 per kg and weekly-based delivery by Rs25,325 per kg.

However, silver coins remained at their previous rate of Rs33,400 for buying and Rs33,500 for selling of 100 pieces.