ENM: Gold falls below Rs 17k-mark on negative global cues, selling
NEW DELHI: Extending losses for the fifth trading session, gold today fell below the Rs 17,000-mark by shedding Rs 110 per ten grams on the bullion market here due to selling pressure induced by weak global cues.
Standard gold and ornaments fell by Rs 110 to Rs 16,990 and Rs 16,840 per ten grams, respectively, while sovereign shed Rs 25 to trade at Rs 14,025 per eight-gram piece.
Marketmen said sustained selling in tandem with a weakening global trend led to a fall in both gold and silver prices.
The global market, which normally sets the price trend for the metal on the domestic front, witnessed gold dip by USD 10.70 to trade at USD 1,123.70 an ounce in New York last evening.
A fall in seasonal demand also dampened the trading sentiment, they added.
Silver ready dropped by Rs 350 to Rs 26,800 per kg and weekly-based delivery by Rs 410 to Rs 26,720 per kg.
Silver coins also lost Rs 100 at Rs 33,400 for buying and Rs 33,500 for selling of 100 pieces.
