Mumbai, March 19: Precious metals saw a sharp decline on Thursday, with gold and silver both hitting multi-week lows despite escalating tensions in West Asia.
Gold dropped by Rs 6,990, falling to Rs 1,47,889 per 10 grams, while silver plunged by Rs 20,034, reaching Rs 2,29,873 per kilogram.
Gold has fallen by over Rs 12,000 in the past week, and silver has dropped by more than Rs 38,000, reflecting ongoing pressure on precious metals. On the Multi Commodity Exchange (MCX), gold futures for April delivery fell by 6.87%, while silver for May delivery dropped 11.94%.
Silver has now fallen over 20% this month, heading towards its second consecutive monthly loss. Analysts attribute the downturn to tensions in West Asia, fluctuations in the US dollar, and the volatile oil market, with fears of a US-Iran escalation further impacting global markets.
