The dramatic sell-off in resources stocks accelerated yesterday and the Australian dollar fell as investors focused on plunging gold and commodity prices and concerns about slowing growth in China.

Goldminers again led the local sharemarket lower after the price of the precious metal had its biggest one-day fall in more than 30 years in New York on Monday, tumbling $US140.30, or 9 per cent, to $US1361 an ounce as new signs of a global economic slowdown emerged and fears diminished that central banks' easy-money policies would stoke inflation.

The prices of industrial commodities ranging from copper to crude oil also tumbled following news of softer-than-expected economic growth and industrial output in China.

Silver slumped more than 12 per cent, platinum 5.6 per cent and the oil price slipped 4 per cent.

The price of gold has fallen about 16 per cent in the past two trading sessions and is about 30 per cent below the record high of $US1900 set in September 2011.