Gold declines on weak global cues

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Gold prices dropped by Rs 60 in the bullion market in New Delhi on Monday as stockists preferred offloading a part of their holding in the precious metal to invest in equity markets at prevailing attractive levels.

The Bombay Stock Exchange benchmark Sensex has witnessed losses for six straight days, including Monday. The Sensex on Monday plummeted by over 2,000 points to below 17K level in pre-close trading.

Silver prices also declined by Rs 200 on Monday.

Marketmen said crashing stock markets in the past six sessions in a row drove some of the fundamentally strong shares down to levels which attracted fresh investments.

Standard gold and ornaments in bullion here lost Rs 60 each at Rs 11,350 and Rs 11,200 per gram respectively.

Sovereign remained flat at Rs 9,100 per piece of eight gram.

Silver ready plunged by 200 at Rs 20,200 per kilo and silver weekly-based delivery by Rs 110 at Rs 20,780 per kilo.

Silver coins were also down by Rs 100 at Rs 25,400 for buying and Rs 25,500 for selling of 100 coins.

A major fall in gold prices in global markets for the fifth straight session, reducing the appeal of the precious metal, also played a part in turning the sentiments bearish in the domestic market.