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 ₹1,37,377 level, slipping as much as ₹7,115, or 4.92%.
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.
(More to come)