Gold prices tumbled by Rs 554 to Rs 27,361 per 10 grams in the futures trade today on heavy off-loading by speculators in tandem with a meltdown in global markets.
Trading sentiment remained bearish after gold declined for the third day in London, its biggest weekly drop since May as some investors sold the metal to cover losses in other assets.
At the Multi Commodity Exchange, October gold tumbled by Rs 554, or 1.98% to Rs 27,361 per 10 grams in a business turnover of 44,331 lots.
The December contract month plunged by Rs 547, or 1.94% to Rs 27,708 per 10 grams in 4317 lots.
Market analysts attributed the sharp fall in gold futures to a weak global trend.
Meanwhile, gold fell by USD 19.60 to USD 1,720.30 an ounce, the lowest since August 25 in London.
