Gold price falls Rs 2,600, silver plunges Rs 5,000 on Monday - BusinessLine

AI desk brief

Gold and silver sold off sharply on Monday, with domestic gold down Rs 2,600 to Rs 1.5 lakh per 10 grams and silver down Rs 5,000 to Rs 2.32 lakh/kg. Overseas, spot gold fell USD 128.93, or 3.01%, to USD 4,156.44/oz, while silver dropped USD 2.96, or 4.6%, to USD 61.34/oz.

The move was attributed to a firm US dollar and a sharp rise in crude oil, with Brent up 4% to USD 108.53/bbl as renewed US-Iran tensions and uncertainty over the Strait of Hormuz lifted supply-risk premiums. Traders said gold broke below USD 4,200/oz and silver traded around USD 61/oz after comments from US President Trump and Iranian officials reduced hopes for near-term talks.