Gold prices on Wednesday suffered its second biggest fall of this year amid a weak global trend.
Gold prices in New Delhi fell Rs 600 to Rs 27,300 per 10 grams. This is the yellow metal's second biggest fall this year since April 15, when it had plunged by Rs 1,160 to Rs 26,640 per 10 grams.
Silver prices also suffered, dropping by Rs 800 to Rs 44,700 per kg on reduced offtake from jewelers and industrial units.
Equities across the globe have rise sharply with central banks flooding the markets with liquidity. This has led to outflows from gold funds.
"With gold now bearish and high-yield debt in a bubble, equities is the only interesting risky asset class out there," said David Thebault, head of quantitative sales trading, at Global Equities. (With Agency Inputs)