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.

Apart from gold, silver also dropped owing to selling pressure. In today's session, silver dropped by Rs 500 at Rs 17,230 per kg and weekly-based delivery by Rs 400 at Rs 17,130 per kg. 

The gold in last four days fell by Rs 1410 per ten gram, on growing recession fears while silver fell by Rs 1,230 per kg in last two days.

The rupee continued to fall against the dollar on Oct 24 and ended at an all-time low of 49.81/82. The home currency fell by 50 paise against the greenback tracking the losses in the domestic equity indices, said forex dealers