Gold prices tumble to a 13-year low

New Delhi: Gold prices tumble in the international market. It witnessed the largest single day fall in prices in 13 years on Wednesday.

Gold fell as low as $546.75 an ounce before rising to $548.50/549.40, against $549.80/550.70 late in New York on Tuesday, when the metal dropped more than $20 to record its biggest one-day fall.

Gold rose to its highest in 25 years at $574.60 last week due to tensions over Iran's nuclear issue, worries about the outlook for the dollar and firm energy prices.

Traders are wary of more profit booking stepping in. The yellow metal tumbled $20 in the international markets.

On the back of heavy profit taking, this is heavy metal's biggest single intra-day fall since 1993. It had soared to 25-year highs last week.