Gold prices plunged by Rs 160 per ten grams to Rs 13,285 on the bullion market on fresh stockists offerings while prices exhibited a mixed trend in the global markets, reports Economic Times. Silver dropped on lack of industrial demand on account of lower global markets advices. Gold prices traded firm above USD 840 an ounce in Europe as oil prices stabilize after a 12% slide and traders expected key US non-farm payrolls data due on Friday for fresh impetus. Spot gold was quoted at USD 841.45/843.45 as against USD 842.20 an ounce in New York late on Wednesday. US gold futures for February delivery on the Comex Division of the New York Exchange moved up 80 cents at USD 842.50. Spot silver was quoted at USD 10.98/11.06 an ounce from USD 11.01 an ounce. Gold prices firmed up in Tokyo, recovering from a two-week lows as continued fears about conflict in the Middle East and financial market instability helped buying at levels below USD 840 per ounce. In domestic market, standard gold (99.5 purity) declined by Rs 160 per ten grams to Rs 13,285 from Rs 13,445. Pure gold (99.9 purity) also fell by Rs 165 per ten grams to Rs 13,345 from Rs 13,510. Silver ready (.999 fineness) also slipped by Rs 220 per kilo to Rs 18,460 from Rs 18,680 previously.

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