Gold prices plunged Rs 577 to Rs 53,951 per 10 gram on Wednesday while silver prices also dived over Rs 1,100 from Rs 72,354 to trade at Rs 71,211 per kg, according to Indian Bullion and Jewellers Association.
Gold jewellery prices vary across India, the second-largest consumer of the metal, due to excise duty, state taxes, and making charges.