Snapping its three-day ascent, gold lost Rs 140 per ten grams today to fall below Rs 17,000 level on the bullion market here on a weak global trend. Standard gold and ornaments tumbled by Rs 140 each to Rs 16,940 and Rs 16,790 per 10 gm, respectively, while sovereign maintained its previous rate of Rs 14,000 a piece of 8 gm.
Marketmen said fresh off-loading by stockists on reports of a weakening global trend led to the fall in prices of both gold and silver. The precious metal fell by $4.50 to $1,112.60 an ounce in New York last evening.