Gold falls on weak global cues, subdued demand

Gold prices today fell by Rs 90 to Rs 17,200 per ten gram in the bullion market here on emergence of selling by stockists on subdued demand amid weak global trend.

Marketmen said fresh selling by stockists in the wake of weakening trend in overseas market mainly led to the fall in gold prices.

The precious metal fell by $8 to $1,118.40 an ounce in New York last evening.

After two successive days of gains, the demand for gold dipped due to price pressure at existing higher levels, they added. In the last two sessions gold added Rs 180. Yesterday, it closed at Rs 17,290 per ten gram.

Standard gold and ornaments fell by Rs 90 each to Rs 17,200 and Rs 17,050 per ten gram respectively, while sovereign remained steady at Rs 14,000 per piece of eight gram in restricted buying activity.

On the other hand, silver ready rose by Rs 100 to Rs 27,700 per kg and weekly-based delivery by Rs 115 to Rs 27,365 per kg. Its coins continued to be asked around previous level of Rs 33,300 for buying and Rs 33,400 for selling of 100 pieces.