Selling pressure in precious metals intensified in Thursday's evening trade, pulling both gold and silver to multi-week lows on MCX, even as geopolitical tensions in the Middle East remained elevated.
The decline comes as investors reassess the outlook for interest rates and inflation, both of which continue to weigh on the metals market.
The April gold futures contract fell sharply, shedding ₹8,810 per 10 grams to touch a low of ₹1,44,215 per 10 grams, its weakest level since early February.
Silver, which tends to be more volatile than gold, witnessed an even sharper decline, dropping ₹25,500 per kilogram to ₹2,22,234, marking its lowest level since late December.
Adding to the pressure, oil prices continued to climb on Thursday after Iran and Israel exchanged strikes on key energy facilities in the Gulf region.
Gold's recent performance has drawn comparisons with its trajectory during the summer of 2022, when Russia's invasion of Ukraine triggered a global energy shock and volatile markets.
