Bullion futures plunge on weak global cues

Gold prices plunged by Rs 3,616 to Rs 1.49 lakh per 10 grams in futures trade on Thursday, tracking weak global trends and a firm US dollar.

On the Multi Commodity Exchange, the yellow metal for the April delivery depreciated by Rs 3,616, or 2.36 per cent, to Rs 1,49,409 per 10 grams in a business turnover of 7,387 lots.

Silver futures tumbled by Rs 9,031 to Rs 2.39 lakh per kilogram on Thursday, marking the seventh straight session of losses, as rising crude oil prices and a hawkish US Federal Reserve outlook dampened investors’ sentiment.

On the Multi Commodity Exchange, the white metal for the May delivery slumped by Rs 9,031, or 3.64 per cent, to Rs 2,39,163 per kilogram in a business turnover of 6,372 lots.