Gold extends fall for 3rd day on weak global cues, selling

Gold fell for the third straight day, losing Rs 45 to trade at Rs 16,745 per ten grams in the bullion market here today on sustained selling influenced by a weak global trend.

Standard gold and ornaments, which have lost Rs 235 each in the last two trading sessions, fell further by Rs 45 to Rs 16,745 and Rs 16,595 per ten grams, respectively. However, sovereign gained Rs 25 to trade at Rs 14,025 per eight-gram piece.

Gold in the overseas markets, which normally set the price trend on the domestic front here, fell by $1.60 to $1,135.20 an ounce.

Marketmen said a fall in demand at existing levels and some shifting of funds by investors to surging equity markets also weakened the trading sentiment, in addition to negative global cues.

On the other hand, silver ready and weekly-based delivery rose by Rs 300 each to Rs 27,600 and Rs 27,190 per kg, respectively. Silver coins also gained Rs 100 to trade at Rs 33,600 for buying and Rs 33,700 for selling of 100 pieces.