In the Indian bullion market the prices of gold felled by Rs 120 to 13,010 per 10 gram. The fall in prices was mostly due to the weakness in the prices of gold in the global markets.
Bullion traders after taking cues from the falling prices of gold and silver futures in the US market started selling heavily. A lot of selling pressure was seen during the day.
Traders are booking profits at higher levels. As the equity markets around the globe has corrected a lot these traders are shifting their funds toward the rising equity market. This shift in the funds has further brought down the gold prices.
Silver was not an exception and it suffered the same fate as gold. Prices of silver came down by Rs 50 to Rs 24,900 per kg.