Gold prices fell by Rs 145 to dip below the Rs 13,000 level on the bullion market here on Monday on emergence of selling by stockists influenced by weak global trends.
Standard gold and ornaments tumbled by Rs 145 each to Rs 12,955 and Rs 12,805 per 10 grams respectively. Sovereign, also gained Rs 100 to Rs 10,250 per piece of eight gram.
Selling pressure gathered momentum after reports that gold fell for third straight session in London as the rising dollar reduced the metal's appeal as an alternative investment, marketmen said.
They said emergence of selling by stockists in the face of falling trend in global markets mainly pulled down gold prices.
Rising equity market also forced some investors to shift their funds from gold to equity market for quick gains leading to reduced gold demand, they added.
However, silver depicted an adversed behavior on emergence of buying by stockists and industrial units.
Silver ready rose by Rs 100 to Rs 24,850 and weekly-based delivery by Rs 200 to Rs 25,200 per kg respectively. Its coins however, ruled flat at Rs 27,400 for buying and Rs 27,500 for selling of 100 coins.
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