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Selling pressure in precious metals deepened in Thursday’s evening session, pushing both gold and silver to multi-week lows on MCX, even as tensions in the Middle East remained elevated.

The April gold futures contract has crashed ₹8,810 per 10 grams to reach the day’s low of ₹1,44,215 per 10 grams, marking the lowest level since early February. Today’s sharp fall in the yellow metal has led to an 11% decline in March so far and has also reduced year-to-date returns to just 6.60%.

Silver, which is more volatile than gold, has fallen even more sharply, dropping ₹25,500 per kilogram to ₹2,22,234, marking the lowest level since late December.

With today’s decline, the white metal’s month-to-date fall has widened to 21%, putting it on track for a second consecutive monthly decline.

(more to come)Ksheera Sagar has been working as a Market Research Analyst at LiveMint for the past four years, covering stocks, commodities, and broader financial m...

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