Gold, silver prices plummet by 7%

Mumbai: Gold and silver prices in the domestic market witnessed a sharp decline of more than 7% on Monday amid ongoing tensions in West Asia, global economic concerns and a strengthening US dollar, which has shifted investor interest away from precious metals.

Gold prices fell sharply during the session, dropping from `1,40,158 in the opening trade to `1,29,595, and currently trading at `134 marking a steep fall of over 7%.

Silver prices also saw a similar trend, declining by more than 7% and trading at `2,09,797 per kg after hitting a low of `1,99,643 during the day, indicating high volatility in the market.

Market experts attributed the decline to a combination of rising inflation concerns, higher interest rate expectations and a stronger dollar.