Gold drops by Rs700, silver sheds Rs1,700

Gold and silver registered their biggest single-day decline in 18 months in the bullion market here in the Indian capital city on Friday on frantic selling by stockists, triggered by a meltdown in global markets. Gold plunged by Rs 700 to Rs 27,140 per 10 grams, while silver tumbled by Rs 1,700 to Rs 62,500 per kg, following the precious metal’s steepest decline in more than three years in overseas markets.In global markets, gold nosedived by 7.5 per cent to $1,723.70 an ounce from its record high of $1,913.50 an ounce on Wednesday, the biggest drop since March, 2008. From / Gulf Today