The Multi Commodity Exchange (MCX) witnessed a dramatic slump in precious metal prices this Monday. Gold prices plummeted by a staggering ₹7,115 per 10 grams, bringing the rate down to ₹1,37,377. Silver followed suit with a massive crash, dropping by ₹13,606 per kg to trade at ₹2,13,166.

This downward spiral is attributed to rising geopolitical tensions in the Middle East, fluctuating oil prices, and fears of interest rate hikes. In the international market, gold fell by 2.5% to approximately $4,372 per ounce. Experts note that the market has seen a 10% decline in gold value over the last week alone.

Current Retail Rates for 22K Gold (8 Grams):

• Delhi: ₹1,07,152
• Mumbai & Hyderabad: ₹1,07,032
• Chennai: ₹1,08,952

Market analysts advise caution, suggesting that investors wait for the volatility caused by the US-Iran conflict and fluctuating dollar rates to settle before making significant purchases.