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.

IndusInd Bank, a Mumbai based new generation bank, has signed a co-partner pact with the World Gold Council (WGC) for joint promotion of packaged and certified gold coins and ingots in India. 

The lender stated in a release that, it has introduced sale of imported 24 carat pure Swiss Gold with a view to providing complete financial and investment solutions to its customers and non-customers, under the brand name “Suvarna Mudra. 

The gold coins are available in denominations of 5gm, 10gm and 50gm across all 180 branches of the Bank.

Gold prices slumped sharply today to end the day with a loss of Rs 370 per 10 grams to Rs 12,155. The price of Gold in local markets dropped due to dramatic collapse in the international prices.

In the local market, standard gold (99.5 purity) ended at Rs 12,155 and pure gold (99.9 purity) also went down by Rs 355 per 10 grams to Rs 12,230 from Rs 12,585 yesterday.

Along with this, Silver also eased further on lack of industrial demand. Silver ready (.999 fineness) corrected by another Rs 70 per kilo to Rs 17,980 from Rs 18,050.