Gold plunges ₹350; silver declines ₹300

Gold price plunged ₹350 to ₹60,150 per 10 grams in the national capital on Monday amid weak cues in international markets, according to HDFC Securities.

The precious metal had closed at ₹60,500 per 10 grams in the previous trade.

Silver also declined ₹300 to ₹74,000 per kg.

In the global markets, both gold and silver were quoting lower at $1,912 per ounce and $22.50 per ounce, respectively.

“Gold failed to capitalise on the previous week’s strong gains as traders locked in their profits after a recent rally in prices,” Saumil Gandhi, senior analyst of commodities at HDFC Securities, said.