Gold prices tumbled across the country on Thursday on emergence of heavy selling by stockists in line with a weak trend in international markets ranging from Rs 80 to Rs 160 per ten grams.
In Mumbai, the yellow metal suffered the most when it plunged by Rs 160 at Rs 5,665 per ten grams followed by New Delhi where it recorded a fall of Rs 140 at Rs 5,710 per ten grams.
In both the places this was the level early last month before it started an upward journey to hit an all-time high level of over Rs 6,000 per ten grams.
Heavy selling on Friday was triggered by a steep fall in its prices in the international markets where it was quoted between $347 and $353 an ounce before winding up at $354 against the last close of $361.20.
The weakening overseas markets, particularly in Asia, gave a heavy setback in the Asian markets which forced the bullion merchants here to offload part of their positions created during recent bullish trend.
The sentiment further dampened following selling of old jewellery by some local customers to book quick profits at prevailing higher levels.
Country's other major markets of Kolkata and Chennai also experienced the same trend. In Kolkata, gold was down by Rs 140 at Rs 5,810 per ten grams, while in Chennai, it suffered a loss of Rs 80 at Rs 5,740 per ten grams.
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