Gold suffers biggest fall at open, silver follows suit
New Delhi: Gold suffered the steepest single day fall by plunging Rs 1,540 to Rs 25,800 per 10 gm in opening trade here today on panic selling by stockists after a meltdown in global bullion markets.
In Asia, the metal tumbled about USD 124, followed by over USD 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 USD 1,532.72 an ounce and silver by 9.70 per cent to USD 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.