 "gold and silver, silver, gold")
Gold opened 3.3 per cent or Rs 1,000 down in physical markets in Mumbai's Zaveri Bazaar on Wednesday, after a global decline spread panic among jewellers. Most jewellers opened their retail shops late amid expectations of a recovery in prices.
Standard gold was trading at Rs 29,950 per 10 grams in early Wednesday trade.
"Gold and silver declined in global markets due to the dollar's strength against major global currencies. Falling demand in India as evident from the first nine-month data indicates that a further price fall is possible," said Kumar Jain, Director, Umedmal Tilokichand Zaveri, a bullion dealer in Zaveri Bazaar.
Silver followed suit and shed Rs 2,000 to Rs 43,600 a kg in spot market here on Wednesday.
Spot gold fell 3.3 per cent to a low of 1,266.33 on Tuesday in global markets, its biggest one day percentage drop since September 2013 following a report of a possible tapering of bond purchases sooner than expected by the European Central Bank.
