Gold prices resumed sharply lower today due to fresh offering from stockists in view of fall in global market triggered by sale of gold by the International Monetary Fund (IMF).
Gold fell over one percent late on Wednesday in global market, reversing early gains after the IMF said it would begin open market gold sales.
Spot gold fell $13.05, or 1.17 percent, to a low of $1,105.75 an ounce after the IMF announced the sale of 191.3 tons of gold under a program launched last year to raise money for lending.
In the local market, Standard gold (99.5 purity) dropped by Rs 175 per ten grams to resume at 16,575 from the overnight closing level of Rs 16,750.
Pure gold (99.9 purity) also moved down by Rs 170 per ten grams to open at Rs 16,665 from Rs 16,835 yesterday.
Silver ready (.999 fineness) slipped by Rs 515 per kilo to resume at Rs 25,340 from Rs 25,855 yesterday.