Gold falls further by Rs 120 to Rs 20,250/10 gm on global cues

Posted By: Pti
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New Delhi, Feb 2 (PTI) Gold fell further by Rs 120 to Rs20,250 per 10 grams on the bullion market today on sustainedselling by stockists in line with a weak trend in globalmarkets.

However, silver advanced by Rs 200 to Rs 44,000 per kg onincreased offtake by industrial units and jewellerymanufacturers.

Market analysts said sustained selling by stockists intandem with weakening global trend mainly helped gold pricesto trade lower.

The gold in global markets, which normally set a pricetrend on the domestic front, declined by USD 5.90 to USD 1336an ounce.

Retail customer''s refrained from purchasing gold atprevailing higher levels and shifting of funds from weakeningbullion to rising equities also reduced the metal prices, theysaid.

Increased offtake by industrial units and coin makersmainly pushed up silver prices, they added.

On the domestic front, gold of 99.9 and 99.5 per centpurity fell by Rs 120 each to Rs 20,250 and Rs 20,130 per kg.

The metal had lost Rs 30 in the previous session.

Sovereign, continued to be asked at previous level of Rs16,750 per piece of eight grams in in restricted trade.

On the other hand, silver remained in industrial unitsdemand and advanced by Rs 200 to Rs 44,000 per kg. It spurtedby Rs 2,100 in last three trading sessions.

Silver weekly-based delivery also strengthened by Rs 180to Rs 43,670 per kg on speculator''s support.

However, silver coins remained stable at Rs 48,500 forbuying and Rs 48,600 for selling of 100 pieces.

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