Gold falls further by Rs 130 on weak global cues

Gold prices fell further by Rs 130 to Rs 28,620 per ten grams in the national capital today on sustained selling by stockists in tandem with a weak global trend.
However, silver found scattered buying from industrial units and rose by Rs 20 to Rs 42,095 per kg.
Sentiment in gold remained bearish, falling for the second day in global markets, as investors weighed on when the US Federal Reserve will slow the pace of bond purchases, traders said.
Gold in London, which normally set price trend on the domestic front, fell 0.9 per cent to 1,291.04 dollar an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity fell further by Rs 130 each to Rs 28,620 and Rs 28,420 per ten grams respectively. It had shed Rs 50 yesterday. Sovereign remained stable at Rs 24,400 per piece of eight gram.
On the other hand, silver ready rose by Rs 20 to Rs 42,095 per kg while weekly-based delivery declined by Rs 40 to Rs 41,885 per kg on lack of speculators buying.
Silver coins fell by Rs 1000 to Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces on resistance in demand at prevailing higher levels.