NEW DELHI: Gold prices today fell by Rs 40 to Rs 16,950 per 10 gram in the bullion market here on sustained selling by stockists influenced by a weakening global trend.
Silver prices declined by Rs 120 to Rs 27,830 per kg. Marketmen said selling pressure picked up as metal prices declined in global markets following rebound in the dollar which dampened demand for the precious metal as an alternative investment.
Gold slipped 0.3 per cent to 1,104.20 dollar an ounce in Asian region.
Some funds shifted from bullion to rising equity markets for quick gains which also put some pressure on gold prices, they said.
Standard gold and ornaments declined by Rs 40 each to Rs 16,950 and Rs 16,800 per 10 gram respectively while sovereign remained flat at Rs 14,000 in restricted activity.
Silver ready fell by Rs 120 to Rs 27,830 per kg and weekly-based delivery by Rs 170 to Rs 27,430 per kg. Its coins also lost Rs 100 at Rs 33,400 for buying and Rs 33,500 for selling of 100 pieces.
