NEW DELHI: Gold and silver prices plummeted further on Monday, over profit‑taking, a stronger US dollar and rising real yields.
MCX gold April futures lost 6.91 per cent to Rs 1, 34, 506 per 10 grams around 3.30 pm on an intraday basis. Meanwhile, MCX silver May futures declined 8.84 per cent to Rs 2, 06, 716 per kg.
Analysts said that the sharp selloff has wiped off roughly $2 trillion in market value within hours, due to strong profit booking.
The US dollar strengthened 0.45 per cent on an intraday basis as the USD index climbed to 100.10, making dollar‑priced bullion expensive for holders of other currencies. Rupee also fell 33 paise to fresh all-time low of 93.86 against US dollar on Monday.