Gold falls from record level to Rs 18,765 on reduced offtake
Gold prices fell from their record level in the national capital today, losing Rs 135 to Rs 18,675 per ten grams on emergence of profit selling by stockists amid reduced offtake at existing higher levels.
Investors shifting their funds from bullion to rising stock markets also influenced the trading sentiment to some extent. Absence of retail customers because of higher rates was another factor weakening the market, they added.
Standard gold and ornaments prices fell by Rs 135 each to Rs 18,675 and Rs 18,525 per ten grams respectively, while sovereigns held steady at Rs 14,550 per piece of eight grams.
Silver prices also declined by Rs 100 to Rs 29,600 per kg due to lack of buying support from industrial units.
In line with the general weakening trend, silver ready declined by Rs 100 to Rs 29,600 per kg and weekly-based delivery by Rs 25 to Rs 29,255 per kg.
Silver coins were also being traded lower by Rs 100 to Rs 34,400 for buying and Rs 34,500 for selling of 100 pieces.