MUMBAI: Gold lost Rs 180 per 10 gram in the bullion market here despite global trend and finished at Rs 13,110 on Wednesday.
A similar weakening trend was extended in silver, as the metal for ready delivery dipped by Rs 300 to Rs 24,200 per kg and weekly based delivery by Rs 90 at Rs 25,880 per kg. Silver coins traded lower by Rs 100 at Rs 27,000 for buying and Rs 27,100 for selling of 100 coins.
Trading activity fell due to off marriage season besides some investors shifting their funds towards rising stock market.
The firming global trend, which normally set prices in domestic markets here, failed to affect the trading activity. The US Federal Reserve cut interest rate by 75 basic points last night to create liquidity and control housing sub prime crisis.
Gold climbed by 8.66 dollar to 990.90 dollar an ounce in London. The metal reached a record 1,032.70 dollar on March 17. Silver, rising 16 cents to 19.885 dollar an ounce, failed to impact on the gold prices in domestic market here.
Market men said persistent selling by stockists during the off marriage season mainly pulled down gold prices.
Standard gold and ornaments remained under selling pressure and lost further by Rs 180 each at Rs 13,110 and Rs 12,960 per ten grams respectively. Sovereign followed suit and lost Rs 100 at Rs 10,200 per piece of eight gram.