Poochandi

June 15, 2010

Gold fell by Rs 85 to trade below the Rs 19,000 level at Rs 18,940 per ten grams in the bullion market today on profit-selling by stockists, influenced by a weakening global trend.

Marketmen said the emergence of profit-selling at existing higher levels amid a weakening trend in the global market mainly led to the fall in gold prices.

The fall in demand at higher levels also dampened the trading sentiment to some extent, they said.

Gold in international markets, which normally sets the price trend on the domestic front, fell by USD 6.10 to USD 1,221.40 an ounce in New York last evening.

Standard gold of 99.9 per cent purity and gold of 99.5 per cent purity fell by Rs 85 each to Rs 18,940 and Rs 18,840 per ten grams respectively, while sovereigns held steady at Rs 14,650 per piece of eight grams.