Gold suffered the
steepest single day fall by plunging Rs 1,540 to Rs 25,800 per 10 gm in
opening trade in the national capital on Monday on panic selling by stockists after a meltdown in global bullion markets.
In Asia, the metal tumbled about $124, followed by over $100 in the previous session, as
equities and other commodities fell on speculation that European governments will struggle to contain the euro zone's debt crisis, threatening global growth.
In Singapore, gold tumbled 124 dollar to $1,532.72 an ounce and silver by 9.70 per cent to $26.07 an ounce.
Back home, silver dropped by Rs 3,200 to Rs 50,800 per kg as the metal in overseas markets recorded its worst two-day drop in 31 years. Silver in Delhi had lost Rs 10,500 in last two sessions.
Meanwhile, gold prices tumbled in futures trade too, by Rs 1,021 to Rs 25,695 per 10 grams on heavy off-loading by speculators, tracking weak foreign markets
At the Multi Commodity Exchange, gold for delivery in October month tumbled by Rs 1,021, or 3.82 per cent to Rs 25,695 per 10 grams in a business turnover of 9,941 lots.
Similarly, the metal for delivery in December plunged by Rs 1,011, or 3.74 per cent to Rs 26,040 per 10 grams in 1,488 lots.
Market analysts said the sharp fall in gold futures was mostly attributed to a weak global trend amid speculation that European governments will struggle to contain the region's debt crisis and strengthening dollar, reducing its appeal as alternative investment.
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