Gold prices ease to Rs 18,300 ahead of Akshiya Tritiya

New Delhi: Gold prices fell from near record levels in the bullion market today, losing Rs 40 to Rs 18,300 per ten grams on reduced offtake in domestic markets, following a weakening trend overseas.

Standard gold and ornaments prices declined by Rs 40 each to Rs 18,300 and Rs 18,150 per ten grams respectively. They gained Rs 620 in the previous two trading sessions. Sovereigns held steady at Rs 14,400 per piece of eight grams.

Prices of the precious metal declined from an all-time high of USD 1,249 an ounce in global markets as concerns over the Greece sovereign debt crisis eased. The ripples from the global trend were felt here as investors and jewellers refrained from making fresh purchases at higher levels.

Gold prices in Delhi surged to Rs 18,340 per ten grams in the previous session, close to the high of Rs 18,550 recorded on December 3. Rates for the metal are expected to fall further as retail customers delay purchases till the Akshiya Tritiya festival on Sunday, considered an auspicious day in Hindu mythology to buy gold for prosperity.

Meanwhile, silver prices fell by Rs 150 to Rs 29,750 per on reduced industrial offtake. Silver ready also fell sharply on lack of buying support by Rs 150 to Rs 29,750 per kg, while weekly-based delivery strengthened further by Rs 110 to Rs 29,750 per kg on speculative buying. Prices of silver coins remained flat at Rs 34,400 for buying and Rs 34,500 for selling of 100 pieces.