Daijiworld Media Network - Mumbai
Mumbai, Apr 13: Gold and silver prices came under pressure on Monday, declining sharply by up to 2 per cent after the US announced a blockade of the Strait of Hormuz, triggering volatility in global commodity markets.
On the Multi Commodity Exchange (MCX), gold futures fell by 0.78 per cent, or Rs 1,195, to touch an intraday low of Rs 1,51,457 per 10 grams.
Silver futures witnessed a steeper fall, dropping by Rs 6,084 or 2.5 per cent to hit an intraday low of Rs 2,37,190 per kilogram.
Market analysts said the decline comes amid heightened geopolitical tensions and profit-booking by investors, even as concerns over supply disruptions and global economic uncertainty continue to influence sentiment in the bullion market.