Tracking weak global cues, Stock markets around the globe took severe beating on
Friday and oil prices plunged to $ 62.85 per barrel, their lowest in more than a year.
Even gold, the traditional safe haven in times of panic, fell sharply below Rs 12,000-mark, as a rising dollar and stock-market losses forced investors to sell the metal to raise cash.
Standard gold and ornaments dropped by Rs 500 each at Rs 11,950 and Rs 11,700 per ten gram respectively.
According to market analysts, people are liquidating gold and other commodities as their losses in stock markets deepen. They said the credit crisis and rising concerns of global inflation keep mounting pressure on the stock markets everywhere.