Gold prices tumbled at the bullion market here today on emergence of heavy selling by stockists and speculators sparked by a steep fall in overseas markets.
Silver also plunged due to hectic offloadings by stockists and traders.
Standard gold (99.5 purity) dropped by Rs 185 per ten grams to close at Rs 16,575 from Friday's closing level of Rs 16,760.
Pure gold (99.9 purity) also fell by a similar margin of Rs 185 per ten grams to finish at Rs 16,660 as against Rs 16,845 yesterday.
Silver ready (.999 fineness) slumped by Rs 655 per kilo to conclude at Rs 27,695 from Rs 28,350 previously.
In New York, gold futures for June delivery declined by $23.40 to end at $1,136.90 an ounce on the Comex division of the NYMEX.
Silver for May delivery also lost by 76 cents to $17.67 an ounce.