Gold prices fall on weak global cues: report

New Delhi:  Gold prices fell further by Rs 60 to Rs 29,540 per 10 grams in the national capital on Saturday on increased selling by stockists in line with a weakening global trend. Silver followed suit and lost another Rs. 100 at Rs 41,400 per kg on reduced offtake by industrial units and coin makers.

Traders said sustained selling by stockists, tracking a weakening global trend, mainly attributed the further fall in gold and silver prices. Gold in New York, which normally sets the price trend on the domestic front, fell 0.32 per cent to $1,292.70 an ounce and silver by 0.59 per cent to $19.35 an ounce.

Stronger rupee, which makes the imports cost cheaper and shifting of funds towards the surging equities, also influenced the sentiment, they said. In Delhi, gold of 99.9 and 99.5 per cent purity shed another Rs 60 each to Rs 29,540 and Rs 29,340 per 10 grams, respectively. It had lost Rs 500 on Friday.

Sovereigns, however, held steady at Rs 24,900 per piece of 8 grams. Silver ready declined by Rs 100 to Rs 41,400 per kg, while weekly-based delivery edged up by Rs 70 to Rs. 41,200 per kg. The white metal had tumbled by Rs 900 in last trade. On the other hand, silver coins maintained steady at Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces on restricted buying at prevailing higher levels.