With bullion market reopening after 16 days on Monday, gold prices witnessed a massive plunge of Rs 1,750 to Rs 29,400 per 10 grams in the national capital, while silver slumped by Rs 3,100 to Rs 41,600 per kg.

Gold and jewellery establishments had been closed since November 11 after the Income-Tax Department carried out surveys following reports of alleged profiteering and efforts at tax evasion in the wake of government's demonetisation of move.