Gold falls by Rs 200 on eve of Diwali

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Following selling by stockists, sparked off by a weakening trend in the global market, gold prices fell by Rs 200 to Rs 12,010 per 10 gram in the national capital on the eve of Diwali festival today.

While the selling pressure gathered momentum, silver coins, used most during the festival, remained neglected and tumbled by Rs 1,000 per 100 pieces.

Precious metals turned extremely weak in last few sessions in line with a falling trend in international markets where gold fell from USD 849 an ounce to USD 711, as dollar gained against the leading currencies.

Marketmen said fresh selling by stockists influenced by weakening trend in global market mainly led to fall in the precious metal prices.

They said the demand for the Diwali festival was negligible amid fresh arrivals.

Jewellery demand from overseas buyers weakened because of a weaker rupee and further influenced trading sentiment, they said.

Standard gold and ornaments lost Rs 200 each at Rs 12,010 and Rs 11,860 per ten gram, respectively, while sovereign was down by Rs 50 to Rs 10,450 per piece of eight gram.

Silver coins plunged by Rs 1,000 to Rs 27,000 for buying and Rs 27,100 for selling of 100 coins on poor off-take by coins makers. Silver ready fell by Rs 500 to Rs 16,400 per kg and weekly-based delivery by Rs 470 to Rs 16,280 per kg.

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