Gold down Rs 160 to Rs 12,155 per 10 gm

With the current fall, standard gold (.995) slipped to Rs 12,155 per 10 gm, a level not seen since May 16. Pure gold (0999) followed suit to close at Rs 12,215 per 10 gm today.

Consumers are gradually adapting to the higher price but demand continued cold on inflationary fears.

In London too, gold for immediate delivery dropped $3.82 to $876.73 an ounce. The yellow metal dropped 1.2 per cent on Tuesday after Bernanke's speech in Barcelona, Spain. New York futures were down on Tuesday $5 at $880.50 an ounce.

 

Meanwhile, Standard Bank is keeping its forecast for the yellow metal to trade between $850 and $900 an ounce this year. The metal rose to a record $1,032.70 on March 17 in London that touched Rs 13,495 per 10 gm in Mumbai.