Gold and Silver Prices Crash Amid Global Market Volatility

Gold prices plummeted in India's national capital on Monday, falling Rs 2,600 to Rs 1.5 lakh per 10 grams.

The decline was largely attributed to a sharp selloff in global markets due to rising crude oil rates and a firm US dollar.

Silver also took a hit, plunging by Rs 5,000 to Rs 2.32 lakh per kg from Friday's closing level of Rs 2.37 lakh per kg.

The precious metals' prices were affected by the strengthening US dollar, which continued to put pressure on gold and silver.

Brent crude surged 4% to USD 108.53 a barrel amid renewed US-Iran tensions and uncertainty around the Strait of Hormuz.

Spot gold declined USD 128.93 (3.01%) to USD 4,156.44 per ounce, while silver dropped USD 2.96 (4.6%) to USD 61.34 per ounce.