Snapping their two-day rising streak, gold prices on Friday fell by Rs 40 to close at Rs 14,790 per 10 gm in the bullion market on emergence of selling by stockists influenced by weakening global trend.
Silver also dropped by Rs 200 to settle the day at Rs 22,600 a kg due to reduced offtake by industrial units and coin makers. Selling pressure in the precious metal gathered momentum as metal prices fell in the US markets last evening, traders said.
The gold in US markets traded lower by $6.50 at $932.30 an ounce and silver by 0.13 cent to $14.19. Standard gold and ornaments fell by Rs 40 each to Rs 14,790 and Rs 14,750 per 10 gm respectively. Sovereign remained steady at Rs 12,400 per piece of 8 gm.