Gold falls by Rs 150 on reduced offtake, weak global trend

Gold prices today dropped by Rs 150 to Rs 19,950 per ten gram in the bullion market here on reduced offtake at existing higher levels amid weak global trends.

Silver plunged by Rs 475 to Rs 36,425 per kg on poor offtake by industrial units and coin manufacturers.

The precious metal fell as retail customers and jewellers refrained from buying at higher levels, marketmen said.

A weak gold in international markets, which normally set prices in domestic market here, also dampened the sentiment.

The precious metal fell as a stronger dollar curbed demand for the precious metal as an alternative investment. The gold declined by $11.40 to $1,357.50 an ounce.

In similar fashion, silver prices fell 2.3 by per cent to $23.77 an ounce.

In domestic markets, silver ready plunged by Rs 475 to Rs 36,425 per kg and weekly-based delivery by Rs 545 to Rs 35,705 per kg. Silver coins lost Rs 100 to Rs 36,000 for buying and Rs 36,100 for selling of 10 pieces.

Gold for 99.9 and 99.5 per cent purity fell by Rs 150 each to Rs 19,950 and Rs 19,850 per ten gram respectively. Sovereign lost Rs 50 to Rs 15,700 per piece of eight gram.