Gold falls on weak global cues, reduced offtake Gold prices plunged by Rs 120 to Rs 19,030 per ten gram on the bullion market today on emergence of profit selling in tandem with a weak global trend.
Silver also plunged by Rs 250 to Rs 29,850 per kg on reduced offtake by industrial units and coin makers.
Traders said emergence of profit selling in tandem with a fall in gold prices in the international markets weighed on the market sentiment. Reduced offtake also dampened the sentiment.
Gold in overseas markets, which normally sets the price trend on the domestic front, fell by 0.4 per cent to $1,234.55 an ounce.
The metal of 99.9 purity and gold of 99.5 purity fell by Rs 120 each to Rs 19,030 and Rs 18,930 per ten gram, respectively. However, sovereign continued to be asked around previous levels of Rs 14,700 per piece of eight gram.
In line with a general weakening trend, silver ready dropped by Rs 250 to Rs 29,850 per kg and weekly-based delivery by Rs 405 to Rs 29,535 per kg.
Silver coins also fell by Rs 200 to Rs 34,600 for buying and Rs 34,700 for selling of 100 pieces.
