New Delhi, May 28: Gold fell sharply by Rs 430 to Rs 12,600 per 10 grams on the bullion market here today on nervous selling by stockists, sparked by a steep fall in its prices in the US market after the release of the consumer confidence data last night.

Selling pressure in the domestic market gathered momentum on reports that gold fell by nearly 18 dollar in the US markets last night after the consumer confidence data was released which was below expectation, marketmen said.

They said the forex markets remained major driving force behind silver and gold.

Standard gold and ornaments dipped by Rs 430 each at Rs 12,600 and Rs 12,450 per 10 grams respectively and sovereign lost Rs 50 to trade at Rs 10,000 per piece of eight gram.

A similar trend was extended in silver as ready variety suffered a setback of Rs 1,450 to Rs 23,800 per kg and weekly- based delivery by Rs.1360 at Rs 24,000 per kg respectively.

Silver coins too was down by Rs 200 to Rs 27,000 for buying and Rs 27,100 for selling of 100 coins.