Tracking weak global cues gold prices on Thursday dipped below Rs 12,000-mark, on panic selling amid investors liquidating their holdings in commodities to meet the fresh losses in stock markets.
Standard gold and ornaments dropped by Rs 500 each at Rs 11,950 and Rs 11,700 per 10 gram respectively. Sovereign fell by Rs 50 at Rs 10,450 per piece of eight gram.
"People are liquidating gold and other commodities as their losses in stock markets deepen," Delhi-based jeweller Gaurav Anand said.
He said the credit crisis and rising concerns of global inflation keep mounting pressure on the stock markets everywhere.
In the global markets the precious metal plunged to 13-month lows as dollar gained against leading currencies. It traded at $719 to $769 an ounce in just two trading sessions.
The euro fell to the lowest in almost two years against the dollar, while the pound traded near its lowest in more than five years.
While silver, also plunged owing to selling pressure on weakening trend in London besides reduced offtake by industrial units.
Silver ready plunged by Rs 500 at Rs 17,230 per kg and weekly-based delivery by Rs 400 at Rs 17,130 per kg. Silver coins dropped by Rs 200 at Rs 28,100 for buying and Rs 28,200 for selling of 100 pieces.
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