New Delhi, September 09: Snapping a six-day long rally, gold today fell by Rs 200 to Rs 16,000 per 10 gram in the bullion market here on emergence of selling at existing higher levels amid a weak trend in the global markets.
However, marketmen said that the fall is temporary and gold will bounce back soon, once the marriage and festival season starts on September 19.
All India Sarafa (bullion) Bazaar President Sheel Chand Jain said, “Gold is still moving in a firm mode and the current fall seems to be temporary as retail customers are not purchasing the metal due to Shraadhh”, an inauspicious fortnight in Hindu mythology for making fresh purchases.
Gold, which touched an all-time high of Rs 16,200 per 10 gram yesterday after the global rates breached the psychological 1,000 dollar an ounce level, attracted selling by investors and speculators amid reports of a falling trend in overseas markets.
The metal in London fell from its high of over 1,000 dollar to 996 dollar an ounce. The domestic bullion markets, which normally move in tandem with the international trend, reacted immediately and closed lower.
Standard gold and ornaments fell by Rs 200 each at Rs 16,000 and Rs 15,800 per 10 gram respectively. Sovereign held unchanged at Rs 12,900 per piece of eight gram.
However, silver coins maintained its peak levels of Rs 31,600 for buying and Rs 31,700 for selling of 100 pieces on sustained small buying by jewellers.
—IANS