New Delhi: Gold prices fell by Rs30 to Rs12,070 per 10 grams in the bullion market on reduced offtake amid weak global trend.
Marketmen said sluggish demand against adequate supply and reports of weak global markets mainly led to decline in gold prices on 12 May.
“Buying activity in gold also reduced owing to off marriage and festival season and some investors shifted their funds from gold to rising equity market,” they added.
Global trend which normally set prices band in domestic markets, fell by $4.40 to $880.45 an ounce and silver by 10.5 cents to $16.71 in overseas markets.
Standard gold and ornaments lost Rs30 each to Rs12,070 and Rs11,920 per 10 grams respectively, while sovereign, remained flat at Rs9,875 per piece of eight gram.
Silver ready also dropped by Rs350 to Rs22,850 per kg, but silver weekly-based delivery gained Rs210 to Rs23,200 per kg.
Silver coins also traded lower by Rs100 to Rs26,600 for buying and Rs26,700 for selling of 100 coins on reduced offtake by coins makers.