Gold prices today plunged by Rs 485 to trade at almost 3-week low of Rs 29,880 per 10 grams at the bullion market amid subdued demand from jewellers and retailers.
Silver too tumbled by Rs 2,720 per kg, almost 3-week low, to close below the key mark Rs 45,000 on heavy speculative unwinding.
Standard gold (99.5 per cent purity) declined by Rs 485 to end at Rs 29,880 per 10 grams from last Friday's close of Rs 30,365. The level has not been seen since October 18, 2016.
Pure gold (99.9 per cent purity) also fell by a similar margin to settle at Rs 30,030 per 10 grams compared with Rs 30,515 earlier.
Silver (.999 fineness) slumped by Rs 2,720 per kg to settle at Rs 42,700 as against Rs 45,420 previously.
The level has not been seen since October 21, 2016.
Globally, gold edged higher, snapping a three-session losing streak, on uncertainty over the effect of policies promised by US President-elect Donald Trump and expectations of higher interest rates in December.
Spot gold added 0.5 percent to USD 1,226.06 an ounce in early European trade, having slipped on Monday to its lowest since June 3 at USD 1,211.08.
US gold futures climbed 0.2 percent to USD 1,224.30.
Among other precious metals, silver was up 0.8 per cent at USD 17.02 an ounce, having hit its lowest since June 8 at USD 16.61 in the previous session.
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