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 ₹1,33,352 level, slipping as much as ₹11,140, or 7.70%. MCX silver price for May futures contracts opened 4% lower at ₹2,17,702 per kg as compared to its previous close of ₹2,26,772 level. Selling in silver prices intensified and MCX silver rate crashed as much as 11.31% to ₹2,01,111 level, down as much as ₹25,661. At 11:15 AM, MCX gold price was trading lower by ₹10,896, or 7.54%, at ₹1,33,596 per 10 grams level. MCX silver price was trading lower by ₹24,117, or 10.63%, at ₹2,02,655 per kg.

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