Daijiworld Media Network - Mumbai

Mumbai, Mar 19: Precious metals saw a sharp decline on Thursday, with both gold and silver falling to multi-week lows despite ongoing geopolitical tensions in West Asia.

According to the India Bullion and Jewellers Association, the price of 24-carat gold dropped to Rs 1,47,889 per 10 grams from Rs 1,54,879 in the previous session—a steep fall of Rs 6,990 in a single day.

Silver prices also recorded a significant drop, with 999 purity silver declining to Rs 2,29,873 per kg from Rs 2,49,907, marking a sharp fall of Rs 20,034.

Over the past week, gold has lost more than ?12,000, while silver has plunged by over Rs 38,000, indicating sustained selling pressure in the market.

The trend was mirrored on the Multi Commodity Exchange, where gold futures for April delivery fell 6.87% to Rs 1,42,516 per 10 grams. Silver futures for May delivery dropped 11.94% to Rs 2,23,400 per kg during evening trade.

During the session, gold touched a low of Rs 1,41,121—its weakest level since early February—while silver slipped to an intra-day low of Rs 2,14,212 per kg after opening higher.

With this decline, silver has now fallen over 20% this month, putting it on track for a second straight monthly loss.

Analysts attribute the volatility to uncertainty in global markets driven by tensions in West Asia, along with fluctuations in the US dollar and crude oil prices. Concerns over a possible escalation involving the US and Iran have further weighed on investor sentiment, impacting precious metal prices.