Gold prices suffer biggest ever loss of Rs 1,250 per 10 grams on global cues

NEW DELHI: Crash-like conditions developed on the bullion market today as gold prices recorded the biggest ever fall of Rs 1,250 per 10 grams to hit one-year low on frantic selling by stockists amid a steep fall in overseas markets. Gold, which had been plummeting this week and traded below Rs 30,000, fell further sharply by 1,250 to Rs 28,350 per 10 grams, a level last seen on April 7 last year following a steepest fall of 84 dollar to 1,477 dollar an ounce in global markets. "Gold suffering such a biggest single day fall of Rs 1,250 is never seen before and may lose more ground in coming days mostly influenced by speculative selling in futures markets,' said All India Sarafa Bazar vice-president Surender Jain. TOI