Gold prices declined on the bullion market here today on renewed stockists offerings on the back of negative global advices.
Silver, however, moved up on good industrial demand.
Gold prices slipped in Europe as the dollar firmed up against the euro ahead of an expected rate cut by the European Central Bank later in the session, and oil prices fell.
Investors are eyeing rate cuts this session from both ECB and Bank of England and also key US Jobs data on Friday for clues as the future direction of trade.
Spot gold slid to $769.25 an ounce from $772.60 an ounce in New York late yesterday.
Turning to the local market, standard gold (99.5 purity) dropped by Rs 125 per 10 gm to Rs 12,490 from Rs 12,615 previously.
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Pure gold (99.9 purity) also fell by Rs 120 per 10 gm to Rs 12,555 from Rs 12,675.
However, silver ready (.999 fineness) moved up by Rs 70 a kg to Rs 16,685 from Rs 16,615.
In New Delhi, gold prices fell by Rs 60 to Rs 12,640 per 10 gm on emergence of selling, as traders diverted funds to surging equity markets. Silver also remained under selling pressure and yielded further Rs 50 at Rs 16,600 per kg.
Marketmen said, the precious metal gathered selling pressure as bullion traders sold their stock to raise funds and invest in surging bourses. Gold also turned weak following the ending marriage season.
Also, easing inflation data reduced concerns of inflation and eroded demand for gold as a safe have, they said.