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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.

In the international market, gold prices declined more than 2%, extending their drop to a roughly four-month low. Spot silver prices plunged 3.2% to $65.61 per ounce.

Spot gold price fell 2.5% to $4,372.86 per ounce, extending losses for a ninth consecutive session. US gold futures for April delivery fell 4.4% to $4,375.60.

Gold prices crashed more than 10% last week.

(More to come)

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