Gold prices nose-dived across the country on Friday on panic selling by stockists, triggered by a fall in overseas markets amidst off marriage and festival season and recorded losses between Rs 100 and Rs 180 per ten gram.
In Mumbai the yellow metal plunged by Rs 100 at Rs 6,110.
In Delhi gold dropped by Rs 120 at Rs 6,120, while in Chennai it slipped by Rs 180 at Rs 6,135 per ten gram. In Kolkata, it recorded a loss of Rs 155 at Rs 6,220.
This was the second time in as many days that the yellow metal tumbled under selling pressure in overseas markets as the US dollar firmed up against the euro.
Silver, which remained under selling pressure from bullion merchants who created significant positions in the last few trading sessions, also dropped sharply.
Both the precious metals quoted lower in the overseas markets as stockists and major players off-loaded in a big way to avoid any major loss in view of the firming US dollar.
The yellow metal in New York dropped by $13.30 an ounce, or 3 per cent around $407. Silver also quoted around $4.20 an ounce from last level of $4.35.
Gold had touched a 15-year high at $430 last week.
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