Gold suffered the steepest single day fall by plunging Rs 1,540 to Rs 25,800

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per 10 gm in opening trade here today on panic selling by stockists after a meltdown in global bullion markets.

In Asia, the metal tumbled about $124, followed by over $100 in the previous session, as equities and other commodities fell on speculation that European governments will struggle to contain the euro zone's debt crisis, threatening global growth.

In Singapore, gold tumbled 124 dollar to $1,532.72 an ounce and silver by 9.70 per cent to $26.07 an ounce.

Back home, silver dropped by Rs 3,200 to Rs 50,800 per kg as the metal in overseas markets recorded its worst two-day drop in 31 years. Silver in Delhi had lost Rs 10,500 in last two sessions.