Gold falls by Rs60 on weak global cues

Gold prices today fell by Rs60 to Rs16,740 per 10 gram in the bullion market here as stockists sold the precious metal following weak global trend.

Silver plunged by Rs500 to Rs26,700 per kg on reduced offtake by industrial units and coin makers.

Marketmen said trading sentiment in gold turned bearish as the precious metal fell by 0.4% to 1,093.11 dollar an ounce in London.

They said a brief break in marriage season mainly advised stockists to reduce their holdings.

Standard gold and ornaments fell by Rs60 each to Rs16,740 and Rs16,590 per 10 gram respectively, while sovereign remained steady at Rs14,000 per piece of 8 gm.

Silver ready dropped by Rs500 to Rs26,700 per kg and weekly-based delivery by Rs450 to Rs26,400 per kilo. However, silver coins continued to be asked at previous levels of Rs33,600 for buying and Rs33,700 for selling of 100 pieces.