Silver plunges on sell-off, gold declines

Silver prices plunged further at the bullion market here today as speculators continued to offload their holdings amidst bearish global outlook.

Gold also continued to drift lower on lack of buying support from investors as well as jewellers.

In New York, precious metals fell due to profit-taking on the back of easing crude and other commodities dampening the investors sentiment as inflationary worries sidelined.

Silver ready (.999 fineness) tanked by Rs 400 per kg to close at Rs 61,290 from Tuesday's closing level of Rs 61,690. 

Standard gold (99.5 purity) dropped by Rs 40 per 10 grams to end at Rs 21,140 from Rs 21,180 previously.

Pure gold (99.9 purity) also fell by a similar margin to to conclude at Rs 21,245 per 10 grams as compared to Rs 21,285 previously.

In New York, gold for June delivery lost $14.50 to $1,453.60 an ounce on the COMEX division of NYMEX. Silver for May contract slipped by 55 cents, to settle at $40.07 an ounce.