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Mumbai, Jan. 30 Gold prices that touched Rs 12,000 per 10 gm on Tuesday came down a tad and were quoted at Rs 11,900 per 10 gm in the local bullion market on Wednesday. Gold price closed at Rs 11,785 per 10 gm on Wednesday against Rs 11,845 per 10 gm on Tuesday.

The Rs 12,000 per 10 gm mark was reached for the first time ever in the country.

Gold price in the international market touched an all time high of $927.50 an ounce on Tuesday came down to $923.75/oz on Wednesday in the London spot market.

The gold market both international as well as national is awaiting the outcome of the FOMC meeting on Wednesday. The price should correct to about $902/oz in the event of rates remaining unchanged and should go up to $946/oz if there is a rate cut, said Mr. Suresh Hundia, President of Bombay Bullion Association.

Silver for immediate delivery in London rose as much as 12 cents to $16.84 an ounce, the highest since November 1980. It traded at $16.76 an ounce as of 11:56 a.m. local time.

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