New Delhi, April 7: Silver prices witnessed a sharp decline of Rs 2,000, settling at Rs 2.40 lakh per kilogram, while gold dropped by Rs 600 to Rs 1.53 lakh per 10 grams on Tuesday.

This downward movement came as investors adopted a cautious stance ahead of the deadline set by US President Donald Trump for Iran to reopen the Strait of Hormuz, fueling volatility in global markets.

The All India Sarafa Association reported that silver, which had closed at Rs 2,42,000 per kilogram on Monday, fell by nearly 1 percent, reaching Rs 2,40,000 per kilogram (inclusive of all taxes).

Meanwhile, in the bullion market, gold of 99.9% purity saw a decline of Rs 600, or 0.4%, to Rs 1,53,200 per 10 grams, compared to its previous close of Rs 1,53,800 per 10 grams (inclusive of all taxes).