Gold prices fell by Rs 70 to Rs 18,900 per ten grams in the national capital today on reduced offtake at existing higher levels amid a weakening global trend. Silver also dropped by Rs 250 to Rs 29,600 per kg on reduced offtake by industrial units and coin-makers.
The trading sentiment turned bearish after gold weakened in the Asia region on speculation that investors are likely to sell and lock-in gains following a rally in prices of the precious metal in international markets to the record level of $1,266.50 on June 21.
Reduced offtake by retail customers in domestic markets at the existing higher levels also dampened the trading sentiment. Gold in overseas markets, which normally sets the price trend on the domestic front, fell 0.3 per cent to $1,233.5 an ounce.
Gold of 99.9 per cent purity and 99.5 per cent purity fell by Rs 70 each to Rs 18,900 and Rs 18,800 per ten grams respectively. They had gained Rs 120 each in yesterday's trading.
However, sovereigns remained steady at Rs 14,650 per piece of eight grams in restricted buying.
In line with the general weakening trend, silver ready fell by Rs 250 to Rs 29,600 per kg and weekly-based delivery by Rs 318 to Rs 29,282 per kg.
Meanwhile, silver coins continued to be traded at the previous rate of Rs 34,500 for buying and Rs 34,600 for selling of 100 pieces.