MUMBAI, November 17: Gold prices plunged to a 54-month low of Rs 4,120 per ten gram on the bullion market here today on increased arrival coupled with weak global advices.

On the other hand, silver prices shot up further sharply by Rs 120 per kilo on increased demand coupled with shortage of ready stock. Rise in the international advices also helped the steep hike in its prices, dealers said.

Standard gold opened weak and declined steeply by Rs 55 to close at Rs 4120 from Rs 4175. 22-carat gold was nominally quoted Rs 50 lower at Rs 3810 from Rs 3860, while ten-tola gold bar of .999 purity lost Rs 600 to end at Rs 48,200 from Rs 48,800. Ready silver of .999 purity rallied further sharply by Rs 120 to cross the Rs 7000 mark and closed at Rs 7115 from Rs 6995. Raw silver of .916 fineness and tenderable silver also strengthened by a similar margin to finish at Rs 7015 and Rs 7120 from Rs 6895 and Rs 7000 respectively .International gold prices are set to fall further.

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