Gold falls on stockists selling, weak global cues

New Delhi, Nov 18. Gold fell by Rs 170 to Rs 31,680 per ten grams in the national capital today on stockists selling on the back of sluggish demand amid weak global trend. On the other hand, Silver lost Rs 200 to Rs 47,300 per kg on reduced offtake by jewellers and industrial units. Traders said stockists selling on the back of sluggish demand at prevailing higher levels mainly kept pressure on precious metals. They said weakening global trend, as a rally in stock markets curbed demand for the metal as an alternate investment, further influenced the sentiment. Gold in Singapore, which normally sets price trend on the domestic front, dropped by 0.4 per cent to USD 1,284.73 an ounce and Silver by 0.6 per cent to USD 20.67 an ounce. On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 170 each to Rs 31,680 and Rs 31,480 per ten grams, respectively. Sovereign, however, held steady at Rs 25,300 per piece of eight gram. In line with a general weak trend, silver ready declined by Rs 200 to Rs 47,300 per kg and weekly-based delivery by Rs 150 to Rs 46,590 per kg, while its coins held steady at Rs 86,000 for buying and Rs 87,000 for selling of 100 pieces.