Snapping the six-day gaining streak,gold prices today fell by Rs 30 at Rs 17,780 per 10 gram in the bullion market here on selling pressure,emerging on concerns over IMF's plans to sell more gold. Gold,which had been on an upward march since the Reserve Bank of India' purchase of 200 tonnes from the IMF last month,fell on fears that the International Monetary Fund may sell more gold in the open market,reducing the demand for the yellow metal,analysts said. Gold declined as stockists remained net sellers at the existing high levels,reducing their holdings,they said. The IMF,which set out two months ago to sell one-eighth of its gold reserves,is trying to complete the process at the earliest. A weakening global trend,which normally sets prices here in domestic markets,also influenced trading to some extent. The gold in Asian region lost 0.3 per cent to 1,163.15 dollar an ounce as dollar gained.
