Gold falls, silver weakens on global cues

MUMBAI: Gold prices fell today after its four session surge to visit again its 26K-level at the domestic bullion market here following lower demand from stockists and investors mainly driven by a turnaround in international markets. 

While, silver weakened further to revisit 35K-level a kg on heavy speculative selling and subdued industrial demand. 

Standard gold (99.5 purity) dropped by Rs 410 to end at Rs 26,800 per 10 grams from Monday’s closing level of Rs 27,210. 

Pure gold (99.9 purity) also fell by a similar margin of Rs 410 to conclude at Rs 26,950 per 10 grams as compared to Rs 27,360 previously. 

Silver (.999 fineness) slumped by Rs 570 per kg to close at Rs 35,830 as against Rs 36,400 yesterday. 

On the global front, gold dropped early European trade as global markets rebounded and dollar gained from the previous day’s rout after China cut interest rates to stimulate its wavering economy. 

In London, spot gold moved down to USD 1,147.26 an ounce in early trade, while spot silver dropped to USD 14.77 an ounce. 

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