Gold and silver prices in India opened sharply lower on Monday, following weakness in global bullion prices as escalating US-Iran war stoked inflation fears and concerns of higher global interest rates.
MCX gold rate opened 3% lower at ₹1,40,158 per 10 grams as against its previous close of ₹1,44,492 level. It hit a low of ₹1,36,403 level, slipping as much as ₹8,089, or 5.59%.
MCX gold price was trading lower by ₹7,608, or 5.27%, at ₹1,36,884 per 10 grams level.
MCX silver price for May futures contracts opened 4% lower at ₹2,17,702 per kg as compared to its previous close of ₹2,26,772 level. Selling in silver prices intensified and MCX silver rate crashed 6% to hit lower circuit at ₹2,13,166 level, down as much as ₹13,606.
In the international market, gold prices declined more than 2%, extending their drop to a roughly four-month low. Spot silver prices plunged 3.2% to $65.61 per ounce.
Spot gold price fell 2.5% to $4,372.86 per ounce, extending losses for a ninth consecutive session. US gold futures for April delivery fell 4.4% to $4,375.60.
Gold prices crashed more than 10% last week.
