Gold price plunged ₹350 to ₹60,150 per 10 grams in the national capital on Monday amid weak cues in international markets, according to HDFC Securities.

The precious metal had closed at ₹60,500 per 10 grams in the previous trade.

Silver also declined ₹300 to ₹74,000 per kg.

In the global markets, both gold and silver were quoting lower at $1,912 per ounce and $22.50 per ounce, respectively.

“Gold failed to capitalise on the previous week’s strong gains as traders locked in their profits after a recent rally in prices,” Saumil Gandhi, senior analyst of commodities at HDFC Securities, said.

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The rupee recovered from its all-time low levels and appreciated by 7 paise to 83.02 against the U.S. dollar in early trade on August 18 as the American currency retracted from its elevated levels.

However, a muted trend in domestic equities, foreign fund outflows and rising crude oil prices weighed on the domestic unit, forex traders said.

At the interbank foreign exchange, the domestic unit opened at 83.03, then touched a high of 83.02 against the American currency, registering a rise of 7 paise over its last close.

In initial trade the rupee also touched a low of 83.09 against the American currency.

On Thursday, the rupee settled for the day lower by 1 paisa at a fresh all-time low of 83.09 against the U.S. dollar.

Forex traders said rupee is likely to trade with a negative bias on risk aversion in global markets and firm U.S. dollar.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.26% to 103.30.

Brent crude futures, the global oil benchmark, rose 0.07% to $84.18 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 206.61 points or 0.32% lower at 64,944.41. The broader NSE Nifty declined 67.95 points or 0.35% to 19,297.30.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Thursday as they offloaded shares worth ₹1,510.86 crore, according to exchange data.