Gold prices tumbled to a 23-month low on Friday, losing Rs 1,150 in the national capital
on heavy selling by stockists and investors.
All round selling by stockists on free-fall in overseas markets and investors shifting their funds
to surging equities mainly pulled down the yellow metal's prices to a level last seen on August 9, 2011.
Traders said the sentiment dampened as gold in Singapore plunged to nearly three-year low, dipping below $1,200 an ounce on improving US economic data strengthening the case for the Federal Reserve to reduce stimulus.
Gold in overseas markets, which normally set price trend on the domestic front, dropped $24.40 to $1,200.80 an ounce and silver by 0.05 per cent to $18.51 an ounce.
In the national capital,
gold of 99.9 and 99.5 per cent purity registered a hefty fall of Rs 1,150 each to Rs 25,650 and Rs 25,450 per 10 grams, respectively. Sovereigns declined by Rs 200 to Rs 23,800 per piece of eight grams.
In line with a gold trend, silver ready dropped by Rs 1,490 to Rs 39,010 per kg while weekly-based delivery rose by Rs 130 to Rs 39,700 per kg.
Silver coins also nosedived by Rs 2,000 to Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.
With inputs from PTI 
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