Gold prices tumbled as US dollar gained against the Euro amid appreciating local currency against the greenback. Investors remained cautious ahead of the start of a two-day EU summit due to begin later Thursday, amid worries the talks will not result in any effective steps to strengthen fiscal integration and allow the euro zone's rescue funds to buy government debt. European stocks declined in choppy trade on Thursday, as market sentiment remained under pressure amid growing skepticism over the outcome of a European Union summit due to begin later in the day. Asian stocks ended with mixed note after trading higher on Thursday after better-than-expected housing data hit the wire in the U.S. 

COMEX Gold for the August 2012 delivery was trading with losses at $1566.7, down $11.7, after trading in the range of $1579.6- 1566.1 per a troy ounce. July silver futures on COMEX trading lower at $26.730, down $ 0.212 after moving in the range of $ 27.065- 26.655 per a troy ounce. 

Euro fell to $1.2405 from the early high of $1.2524 and was trading at $1.2424, down 0.35%. The local currency fell from the low of Rs 57 mark and was trading at Rs 56.83, down 0.50% over the last day close. 

MCX Gold futures for the August delivery slumped to the low of Rs 29,855 from the high of Rs 30023 per 10 grams. August gold right now quotes at Rs 29,858, down by Rs 132 or 0.44% over the last day close. Technically, the counter is likely to find support at Rs29,700, Rs 29,650 and resistance is at Rs 29,925, Rs 31,000 per 10 grams. 

Silver futures on MCX currently quote at Rs 52,671, down by Rs 63 or 0.12% over the last close. Technically, the counter is likely to find support at Rs 52,500, Rs 52,300 and resistance is at Rs 52,800, Rs 53,050 per 1 kg.

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