Gold plunges Rs 563; silver declines Rs 1,186

Gold in the national capital on Thursday plunged Rs 563 to Rs 48,215 per 10 grams amid weak international precious metal prices, according to HDFC Securities.

In the previous trade, the precious settled at Rs 48,778 per 10 gram.

Silver also tumbled Rs 1,186 to Rs 62,792 per kg from Rs 63,978 per kg in the previous trade.

In the international market, gold was trading lower at USD 1,810 per ounce and silver was flat at USD 23.10 per ounce.

"Gold prices traded down with spot gold prices at COMEX trading 0.45 per cent lower at USD 1,810 per ounce on Thursday. Gold prices declined following the US FOMC outcome," Tapan Patel, Senior Analyst (Commodities), HDFC securities, said.

Navneet Damani, Senior VP, Commodities Research, Motilal Oswal Financial Services, said, "Gold inched lower after the FOMC policy meet which was in-line with the market expectations, as the Fed decided on March rate hikes that pushed up US Treasury yields and the dollar, while uncertainty over Ukraine capped bullion's losses."