Gold, silver prices slump: Check rates in Chennai, Bangalore, Hyderabad

Gold and silver prices declined sharply on Monday, tracking weakness in global bullion markets as escalating tensions between the US and Iran fuelled fresh inflation concerns and strengthened expectations of higher global interest rates.

On the Multi Commodity Exchange (MCX), gold opened nearly 5 per cent lower, while silver fell around 6 per cent at the start of trade. As per market data, the price of 24-carat gold slipped Rs 10 to Rs 1,45,960 per 10 grams, while 22-carat gold also declined by Rs 10 to Rs 1,33,790 per 10 grams. Silver witnessed a steeper fall, dropping Rs 100 to Rs 2,44,900 per kg.

In the international market, gold extended its losses and slipped to a nearly four-month low. Spot gold fell over 3 per cent to around $4,340 per ounce, marking its ninth consecutive session of decline. US gold futures also registered a sharp drop. Silver followed a similar trend, losing more than 3 per cent in global trade.

Gold prices in major cities (per gram):

City    24K Gold (Rs)    22K Gold (Rs)
Delhi      14,611            13,394
Mumbai      14,596            13,379
Kolkata      14,596            13,379
Chennai      14,857            13,619
Bengaluru 14,596            13,379
Hyderabad 14,596            13,379

Silver prices in major cities:

City    Silver (Rs per 10 gm)    Silver (Rs per kg)
Delhi      2,449                    2,44,900
Mumbai      2,449                    2,44,900
Kolkata      2,449                    2,44,900
Chennai      2,499                    2,49,900
Bengaluru 2,499                    2,49,900
Hyderabad 2,499                    2,49,900

Ponmudi R, CEO of Enrich Money, said, "The overall bias remains negative for gold and silver amid ongoing macro and geopolitical uncertainty."

VK Vijayakumar, Chief Investment Strategist at Geojit Investments, noted that the huge risk-off globally amid ongoing West Asia tensions has impacted all assets including stocks, bonds and precious metals like gold and silver. "In fact, the crash in the safe haven gold is worse than in equities," he added.