NEW DELHI: Gold on Thursday fell by Rs 120 to Rs 15,880 per 10 gram in the bullion market here as retail customers refrained from buying the investors offloaded part of their holdings to shift funds to rising equity markets. Standard gold and ornaments dropped further by Rs 120 each at Rs 15,880 and Rs 15,730 per 10 gram, respectively. Sovereign also declined by Rs 50 to Rs 12,850 per piece of eight gram. Gold, which had gained substantial ground in the last few sessions to set a record high level of 16,200 per 10 gram, attracted profit selling by major market participants amid a weak global trend, marketmen said. The metal in London fell below 18-month high of 1,000 dollar an ounce to trade around 992. "Selling pressure emerged as speculators and general investors went back to surging stock markets," said a gold trader, Rakesh Anand. Besides, marketmen said retail customers refrained from buying the metal and jewellery due to 'Shraadhh', an inauspicious fortnight for making new purchases, which also led to a fall in gold. Meanwhile, silver ready dropped by Rs 400 to Rs 25,600 per kg and weekly-based delivery by Rs 230 to Rs 26,430 per kg. Marketmen, however, maintained that the bullion will start looking up once the 'Shraadhh' fortnight ends on September 18 and festival season starts. Silver coins, which had surged to record high levels in last two trading sessions, fell by Rs 100 to Rs 31,500 for buying and Rs 31,600 for selling of 100 pieces.

Source