Gold price falls on lacklustre demand amid weak global cues

New Delhi-India (Oct 19)   Gold prices fell marginally in listless trading in the domestic bullion market owing to lack of buying support at existing levels amid weak global undertone.

Globally, the precious metal declined after better-than-expected consumer sentiment data from the United States dampened its safe-haven appeal, though ongoing concerns over global economic growth and a recovery in global stock markets gave the yellow-metal some support.

Similarly, silver also declined elsewhere due to reduced industrial offtake.

Standard gold of 99.5 per cent purity moved down by Rs 5 to settle at Rs 27,240 per 10 grams against an overnight level of Rs 27,245.

Pure gold of 99.9 per cent purity also eased by a similar margin to end at Rs 27,390 per 10 grams from Rs 27,395.

Meanwhile, silver (.999 fineness) fell by Rs 80 to finish at Rs 39,270 per kg compared to Rs 39,350 on Friday.

Gold for December delivery closed at US $1,239.00 an ounce on the Comex division of the NYMEX late on Friday, while silver December contract settled at US $17.33 an ounce.

Spot gold was bid lower at US $1,237.80 an ounce.