Gold prices on Friday plunged by Rs 330 to Rs 31,420 per 10 grams in the national capital on lower sales by retailers and jewellers at current high levels.

Silver also eased by Rs 100 to Rs 51,800 per kg on lack of buying support from industrial units and coin makers.

Traders said reduced offtake by retailers and jewellery fabricators at existing higher levels mainly kept pressure on the prices of both the precious metals.

They said besides falling demand due to off marriage and festive season, investors shifting funds from bullion to rising equity markets further influenced the market sentiment.

Gold of 99.9 and 99.5 per cent purity plunged by Rs 330 each to Rs 31,420 and Rs 31,220 per 10 grams, respectively. It had gained Rs 625 on Thursday.

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