The cost of gold dropped Rs 70 to Rs 16,710 per ten grams on the bullion market on Saturday. It has fallen for the consecutive ninth time in the trading season.
Price of Standard gold and ornaments fell from Rs 70 each to Rs 16,710 and Rs 16,560 per ten grams, respectively. Meanwhile, the price of Sovereign dropped from Rs 25 to Rs 14,000 per piece of eight grams. The cost of metal also dropped a total of Rs 495 in nine days.
The pressure on selling the gold increased when the gold in New York dropped down the most in seven weeks last evening and came below the USD 1,100-an-ounce mark.
Earlier, in June 2006 the gold dropped for nine consecutive days in the Delhi bullion market.
