New Delhi, January 13:) Gold prices fell by Rs 270 to Rs 17,030 per ten gram in the bullion market today on heavy selling by stockists in line with a weakening global trend.
Standard gold and ornaments dropped by Rs 270 each at Rs 17,030 and Rs 18,880 per ten gram respectively. Sovereign declined by Rs 50 to Rs 14,050 per piece of eight gram.
Traders said gold fell in international markets following China’s tightening of the monetary policy yesterday, leading to widespread fear that improvement in the global economy might create room for withdrawal of stimulus packages by several countries as well, stemming investors’ appetite for the yellow metal.
Gold fell by 22.90 dollar, or 1.99 per cent to 1,127.80 dollar an ounce in New York last evening.
The weakening trend was extended in silver as well as traders indulged in reducing their holdings.
–PTI