Gold, silver prices drop sharply

International futures prices of gold and silver plunged on Monday.

After posting cumulative declines of nearly 10 percent for gold and more than 14 percent for silver last week, both metals extended their losses during Monday's Asian trading hours.

Gold futures for April delivery on the New York Mercantile Exchange fell below 4,400 U.S. dollars per ounce, hitting an intraday low of 4,200 U.S. dollars.

Silver futures for May delivery dropped below 65 U.S. dollars per ounce, recording an intraday loss approaching 7.2 percent.

As of 11:30 Beijing time, gold prices had pared losses slightly to 4.8 percent but remained below the 4,400 U.S. dollars level, while silver was down 6.46 percent at 65.165 U.S. dollars per ounce.

Gold, silver prices drop sharply

Chinese stocks closed lower on Monday, with the benchmark Shanghai Composite Index down 3.63 percent to 3,813.28 points.

The Shenzhen Component Index closed 3.76 percent lower at 13,345.51 points.

The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, lost 3.49 percent to close at 3,235.22 points.

The total market turnover was 2.45 trillion yuan (about 360 billion U.S. dollars), an increase of 145.3 billion yuan compared with the previous trading day.

Precious metals stocks fell across the board, tourism and hotel stocks plunged, and component stocks declined. Meanwhile, coal stocks rose against the trend, and oil and gas stocks were active.

Chinese shares close lower Monday