Gold prices plunged ₹694 to ₹51,215 per 10 grams in the national capital on Wednesday amid rupee appreciation, according to HDFC Securities.
The precious metal had in the previous trade closed at ₹51,909 per 10 grams.
Silver, however, rose ₹126 to ₹63,427 per kg, from ₹63,301 per kg in the previous trade.
“Spot gold prices for 24 karats in Delhi plunged ₹694 amid rupee appreciation,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
Meanwhile, snapping its two-day losing streak, the rupee strengthened by 13 paise to settle at 73.33 against the U.S. dollar on Wednesday helped by positive domestic equities and foreign fund inflows.
In the international market, gold was trading with gains at $1,892 per ounce and silver was flat at $23.73 per ounce.