New Delhi, July 01: Extending its losing streak for the fourth straight session, gold prices today fell by Rs 120 at Rs 14,680 per 10 gram in the bullion market here on aggressive selling by stockists, triggered by a weakening trend in the US market.
Meanwhile, silver also declined by Rs 700 to Rs 22,050 per kg.
Marketmen said trading sentiment turned bearish as gold prices in the US market, which normally sets price trend here, fell to 922.10 dollar an ounce last evening as dollar rebound, reducing demand for the precious metal as an alternate investment
They said reduced offtake by retailers and jewellery fabricators following off marriage and festival season also influenced trading sentiment to some extent.
Money was seen shifting from weak bullion to volatile stock markets for quick gains, they added.
Standard gold and ornaments fell by Rs 120 each to Rs 14,680 and Rs 14,530 per 10 gram, respectively and sovereign dropped by Rs 100 to Rs 12,300 per piece of eight gram.
Silver ready plunged by Rs 700 to Rs 22,050 per kg and weekly-based delivery by Rs 550 to Rs 21,900 per kg.
Silver coins also dropped by Rs 200 to Rs 28,800 for buying and Rs 28,900 for selling of 100 pieces.
—Agencies