Gold prices tumbled by Rs 325 to Rs 12,060 per 10 gram on the bullion market on Saturday on aggressive selling by stockists triggered by steep fall in its prices in global market.
Selling pressure gathered momentum after reports that the gold fell the most in two weeks in global markets as dollar rebounded from an all-time low against the euro, reducing the appeal of the precious metal as an alternative investment.
Silver also dropped in line with gold and reduced offtake by industrial units.
Marketmen said despite busy ongoing marriage season steep fall in its prices in the international market mainly attributed to hefty plunge.
The dollar rose against the euro and the yen on speculation that financial companies will survive the credit crisis. Gold in New York dropped by $ 27.20 to $915.20 an ounce and silver futures for May delivery declined 48.5 cents to 17.82 dollar an ounce.
Standard gold and ornaments tumbled by Rs 325 each to Rs 12,060 and Rs 11,910 per 10 grams respectively.
Sovereign followed suit and lost Rs 50 at Rs 9900 per piece of eight gram.
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