Gold fell further by Rs 90 to Rs 16,850 per ten grams on the bullion market here on Wednesday due to heavy selling pressure induced by weak global cues.
Standard gold and ornaments declined by Rs 90 each to Rs 16,850 and Rs 16,700 per ten grams, respectively. They had lost Rs 140 each yesterday. However, sovereign remained steady at its last rate of Rs 14,000 per eight-gram piece.
Gold has dropped 0.7 per cent to USD 1,095.32 an ounce in London today.
Marketmen said selling pressure, in line with the precious metal dipping below the psychological USD-1,100 level globally, led to a fall in the prices of both gold and silver in the domestic market.
Retail customers remaining on the sidelines on hopes of more correction in gold prices also influenced the trading sentiment, they added.
In line with the general trend, silver ready plunged by Rs 400 to Rs 25,200 per kg while, weekly-based delivery lost Rs 485 to Rs 24,840 per kg.
Silver coins declined by Rs 100 to Rs 33,300 for buying and Rs 33,400 for selling of 100 pieces.
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