New Delhi: Gold prices fell by Rs 100 to close at Rs 27,100 per 10 grams at the bullion market today as the auspicious 'Akshaya Tritiya' festival failed to generate any substantial buying activity for the precious metal amid a weak global trend. Silver also dropped Rs 560 to Rs 36,440 per kg on reduced offtake by industrial units and coin makers. Traders said apart from a weak trend in overseas markets as investors weighed a rally in equities and the dollar in the absence of any significant buying by jewellers, led to decline in gold prices.
Globally, gold in Singapore, which normally sets price trend on the domestic front, fell by 0.3 per cent to USD 1,192.29 an ounce.They said, however, token retail purchase on auspicious occasion of Akshaya Tritiya limited the fall in the prices of the precious metals. Akshaya Tritiya is considered to be an auspicious day to make token purchases of gold ornaments, jewellery, gold coins and other gold items. In the national capital, gold of 99.9 and 99.5 per cent purity fell by Rs 100 each to Rs 27,100 and Rs 26,950 per 10 grams, respectively. It had gained Rs 125 yesterday.
