Gold falls on weak global cues

Hyderabad, Dec 1: Due to weak global trends and increased supplies in domestic markets, gold prices fell by Rs. 200 to settle at Rs. 26,200 per 10 grams on Monday. The fall was also due to reduced demand from jewellers and retailers on expectations of a further drop in the prices of the precious metal in coming days. Silver also recorded a steep fall of Rs 1,080 to settle at Rs 34,300 per kg due to reduced off take by industrial units and coin makers. All India Sarafa Association vice-president Sureinder Kumar Jain said, “Gold may see further fall in its prices in coming days and is likely to touch Rs 25,500-mark as supplies started picking up after the RBI move.”