Gold prices plunged by Rs 150 to Rs 11,695 per 10 gram on the bullion market on Friday on heavy selling by stockists, sparked by weakening global trend.
Silver also followed same sentiments and fell by Rs 300 to Rs 19,850 per kg.
Selling pressure gathered momentum as the precious metal fell in the global market on the back of strengthening dollar against euro, curbing demand for the gold as an alternate investment.
Gold fell to $795.45 an ounce in London against $812 in New York last evening and silver by 8.5 cents to $12.73 an ounce.
In view of a sudden fall in the precious metal prices, the stockists indulged in selling to avoid any further loss in their portfolios.
Standard gold and ornaments plummeted by Rs 150 each to Rs 11,695 and Rs 11,545 per 10 gram respectively.
Sovereign followed suit and lost Rs 50 at Rs 9,800 per piece of eight gram.
A similar weak sentiment extended in white metal as silver ready and weekly-based delivery dropped by Rs 300 each at Rs 19,850 and Rs 19,800 per kg respectively. Silver coins fell by Rs 200 to Rs 27,800 for buying and Rs 27,900 for selling of 100 coins.