Gold suffered the biggest fall of the year to trade below Rs 18,000 per ten gram in the national capital as stockists sold the precious metal on weak global cues and jewellers refrained from buying at existing rates.
Gold prices tumbled by Rs 510 to Rs 17,760 per ten gram as the yellow metal lost its sheen in overseas markets as a safe haven investment on a firming dollar.
The selling pressure mounted with the commodity heading for its biggest decline since July as a rising dollar spurred investors to sell bullion after a record rally. And jewelers avoided any purchases, waiting for more correction in prices.
Gold prices, which normally move in tandem with the global trend, dipped below record high levels of USD 1,226 to trade near USD 1,162.40 an ounce on reports of a better-than-expected US job data.
Silver prices also recorded a free-fall on frantic selling by stockists amid a fall in demand from industries.
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