NEW DELHI: Gold prices fell by Rs 40 to Rs 16,190 per 10 gram in the bullion market here as traders and retailers refrained from buying the metal
at existing higher levels amid weak global cues.
Meanwhile, silver lost Rs 50 at Rs 27,500 per kg. Marketmen said slump in demand at existing higher levels on ending of festival season mainly led to the fall in both gold and silver prices.
They said retailers and jewellers are expecting further decline in gold and silver, as prices fell in Asia too and are waiting for better opportunity to buy the precious metals.
Gold in the overseas markets fell by USD five to USD 1,055 an ounce.
Standard gold and ornaments fell by Rs 40 each to Rs 16,190 and Rs 16,040 per 10 gram, respectively, while sovereign held steady at Rs 13,025 per piece of eight gram.
In a similar fashion, silver ready declined by Rs 50 to Rs 27,500 per kg and weekly-based delivery by Rs 65 to Rs 27,375 per kg.
However, silver coins maintained the previous level of Rs 33,000 for buying and Rs 33,100 for selling of 100 pieces.
