Gold declines on weak global trends

New Delhi: Gold prices today declined by Rs60 to Rs12,260 per 10 grams on the bullion market on 12 June due to selling by stockists triggered by weak global cues.

Marketmen attributed decline in prices to increased selling by stockists and reports of falling trend in global market.

“Sluggish demand from retailers too had negative impact on market sentiments," they added. In London, the precious metal fell sharply to $869.35 an ounce.

In the domestic market, standard gold and ornaments remained under selling pressure and lost Rs60 each at Rs12,260 and Rs12,110 per 10 grams respectively, while sovereign ruled flat Rs10,000 per piece of eight gram.

Silver ready dropped by Rs375 at Rs23,725 and weekly-based delivery by Rs690 at Rs23,510 per kg respectively.

Silver coins also down by Rs100 at Rs26,900 for buying and Rs27,000 for selling of 100 coins.

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