Gold prices fell by Rs 160 to Rs26,880 per 10 grams at the bullion market in national capital on Wednesday as demand eased at prevailing levels amidst a weak global trend.
Silver also declined by Rs100 to Rs36,900 per kg on reduced offtake by industrial units.Traders said apart from slackened demand at existing higher levels from jewellers and retailers, a weak global trend mainly led to the fall in gold and silver prices.Globally, gold in New York, which normally determines price trend on the domestic front, fell 1.18 per cent to $1,198.50 an ounce in yesterday's trade as strengthening dollar curbed demand for the precious metal.
In Delhi, gold of 99.9 and 99.5 per cent purity fell by Rs160 each to Rs26,880 and Rs 26,680 per ten grams, respectively.The yellow metal had clocked this year's biggest single-day rise of Rs840 to close at Rs 27,040 per 10 grams in on Tuesday trade.Sovereign, however, held steady at Rs23,700 per piece of eight grams in limited deals.In line with gold,, silver ready also fell by Rs100 to Rs36,900 per kg and weekly-based delivery by Rs 270 to Rs36,070 per kg.