Gold and silver prices in India traded sharply lower on Monday, following declines in global bullion markets. Rising concerns over inflation and possible interest rate hikes due to escalating US-Iran tensions drove the sharp correction in precious metals.

Gold and silver tumble on MCX at around 6 percent

On the Multi Commodity Exchange (MCX), gold futures for April 2 opened with steep losses, falling as much as 5.59 per cent, or Rs 8,089, to hit an intra-day low of Rs 1,36,403 per 10 grams by 9:40 am. Silver also declined sharply, down 6.63 per cent, or Rs 15,043, to Rs 2,11,729 per kilogram.