Gold and silver prices witnessed a sharp decline on Tuesday, even as hopes of de-escalation in the West Asia conflict weighed on safe-haven demand after the US President announced a temporary pause on potential strikes targeting Iran’s energy infrastructure. 

On the Multi Commodity Exchange (MCX), gold futures (April 2) fell as much as Rs 2,576 or around 2 per cent to hit an intra-day low of Rs 1,36,684 per 10 grams by 10:40 am. The yellow metal was last trading at Rs 1,37,100, down Rs 2,160 or 1.5 per cent.