New Delhi, Apr 30: Gold prices today fell by Rs 150 to Rs 11,630 per ten grams on the bullion market here due to selling pressure triggered by lower global cues.

Silver also suffered a loss of Rs 430 at Rs 22,370 per kg in line with gold.

Selling pressure sparked on reports of a weakening trend in global bullion markets as dollar turned firm, crude oil declined and squaring of positions ahead of the Fed announcement late this evening.

Gold plunged to 867.45 dollars an ounce in London. The metal earlier dropped to 864.60 dollars an ounce, the lowest compared with intra-day prices since January 22. Silver also fell 5 cents to 16.505 dollars an ounce.

Marketmen said increased selling by stockists, reduced offtake by retailers and reports of steep fall in its prices at global market, where it touched three-month low mainly led to decline in prices.

In local market, standard gold and ornaments dipped by Rs 150 each at Rs 11,630 and Rs 11,480 per ten grams respectively. Sovereign followed suit and traded lower by Rs 25 at Rs 9,825 per piece of eight gram.

Silver ready fell by Rs 430 to Rs 22,370 per kg and weekly-based delivery by Rs 22,120 per kg respectively.

Silver coins lost Rs 100 at Rs 26,400 for buying and Rs 26,500 for selling of 100 coins in line with weak general trend.