Gold falls by Rs 60 on fresh selling, weak global cues

Gold prices today fell by Rs 60 to Rs 19,140 per ten gram in bullion market here on selling by stockists at existing higher levels amid weak global trend.

Silver also dropped by Rs 250 to Rs 30,400 per kg on reduced offtake by industrial users and coins makers. Trading sentiment turned somewhat bearish after gold declined in Asia, marketmen said.

Gold in overseas markets, which normally set price trend on the domestic front, fell by 0.3 per cent to $1,233.38 an ounce. The metal had climbed to an eight-week high of 1,244.30 dollar an ounce yesterday.

Gold of 99.9 per cent and gold of 99.5 per cent purity fell by Rs 60 each to Rs 19,140 and Rs 19,040 per 10 gram respectively. Sovereign continued to trade around previous level of Rs 14,900 per piece of eight gram.

In line with a general weakening trend, silver ready which gained Rs 1,450 in last two trading sessions, declined by Rs 250 to Rs 30,400 per kg on reduced industrial offtake.

Silver weekly-based delivery followed suit and lost Rs 50 to Rs 30,235 per kg. It had added Rs 1400 in the previous two trading sessions.

Silver coins traded lower by Rs 100 34,700 for buying and Rs 34,800 for selling of 100 pieces.