Gold fall below 19k level on weak global cues, rising stocks

Gold prices fell below the Rs 19,000 level in the bullion market today, losing Rs 120 to Rs 18,905 per ten grams on sustained selling by stockists, driven by a weakening trend on the global front.

The trading sentiment remained bearish for the third straight day as stockists indulged in booking profits at existing high levels and investors shifted their money from melting bullion to rising equity markets.

Gold, which had surged to a record high of Rs 19,220 per ten grams on Tuesday, fell on market players' concerns that recent gains were excessive.

The precious metal in global markets, which normally sets the price trend on the domestic front, fell by $15.40 to $1,217.70 an ounce in New York last evening.

In the domestic market, standard gold (99.9) remained under selling pressure and fell further by Rs 120 to trade below Rs 19,000 at Rs 18,905 per ten grams.

Gold of 99.5 per cent purity fell by the same margin to Rs 18,805 per ten grams. Sovereigns remained unchanged at Rs 14,650 per piece of eight grams.

However, silver recovered on fresh buying by industrial units and coins makers. Silver ready rose by Rs 150 to Rs 29,550 per kg and weekly-based delivery by a similar margin to Rs 29,225 per kg.

Silver coins gained Rs 100 to Rs 34,500 for buying and Rs 34,600 for selling of 100 pieces.