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May 5, 2011 / 5:13 PM

Gold, silver lose luster

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NEW YORK, May 5 (UPI) -- Gold and silver prices plunged Thursday as the lead U.S. metals exchange announced additional increases in trading requirements for silver.

Silver for July delivery dropped $3.15, or 8 percent, to $36.24 an ounce on the Comex division of the New York Mercantile Exchange, the largest one-day percentage drop since Dec. 1, 2008.

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Gold for June delivery plunged $33.90, or 2.2 percent, to $1,481.40 an ounce, the biggest one-day percentage loss since mid-March.

CME Group Inc., owner of Comex and the exchange, said Wednesday it was adding two margin-requirement increases, effective at the end of close Thursday and Monday, MarketWatch.com reported.

The exchange has employed margin increases four times since April 26.

The euro was $1.454, down from Wednesday's $1.483. Against the yen, the dollar was 80.05, compared with Wednesday's 80.61 yen.

The dollar rose to 44.76 from 44.763 Indian rupees. Against the Hong Kong dollar, the U.S. dollar rose to 7.7713 from 7.7703.

The Australian dollar was $1.0565, down from Wednesday's $1.0725.

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