Gold falls from record levels, sheds Rs 390 on reduced offtake

Gold coins
New Delhi, Aug 12: Snapping a six-day long record setting spree, gold prices today retreated from all-time high of Rs 26,490 per 10 grams to Rs 26,100 per 10 grams on reduced offtake amid a weak global trend.

The metal prices fell by Rs 390 per 10 grams in the bullion market here today. In the last six trading sessions, gold prices had risen by Rs 2,210, forcing retail customers to refrain from buying.

In line with a general weak trend, silver prices fell by Rs 100 to Rs 59,100 per kg. Gold of 99.9 and 99.5 per cent purity tumbled by Rs 390 each to Rs 26,100 and Rs 25,980 per 10 grams, respectively.

However, sovereigns remained steady at Rs 21,000 per piece of eight grams on limited deals. Market analysts said besides reduced offtake, the metals'' fall in overseas markets from record high levels also influenced the trading sentiment.

The yellow metal, which had soared past USD 1,800 an ounce overseas, shed 0.9 per cent to USD 1,748.25 an ounce after CME, the world''s largest futures market, raised margins on gold contracts to curb sky-rocketing prices.

In line with a general weakening trend, silver ready fell by Rs 100 to Rs 59,100 per kg and weekly-based delivery moved down by Rs 90 to Rs 58,350 per kg. Silver coins held steady at Rs 66,000 for buying and Rs 67,000 for selling of 100 pieces.


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