NEW DELHI: Gold prices fell by Rs 80 in the bullion market here with stockists, influenced by weak global trends, resorting to selling at existing higher levels.
The precious metal closed at Rs 13,100 per 10 gram, a loss of Rs 80 from the previous close. Silver plunged by Rs 550 to Rs 17,150 per kg.
Market sentiment turned bearish after report of strong dollar against major currencies and lower oil prices eroded the appeal of the metal as an alternative investment, traders said.
Some investors shifted funds to surging equity markets, pushing the metal down, they added.
Gold in London fell by 11.15 dollars to 809.90 dollars an ounce.
Standard gold and ornaments, which had gained Rs 260 each on Tuesday, fell by Rs 80 each at 13,100 per 10 gram and Rs 12,950 per 10 gram respectively. Sovereign, however, held steady at Rs 10,550 per piece of eight gram.
Silver ready dropped by Rs 550 to Rs 17,150 per kg and silver weekly-based delivery by Rs 360 to Rs 17,140 per kg. Silver coins also lost Rs 10 at Rs 26,700 for buying and Rs 26,800 for selling of 100 pieces.
