MUMBAI: Gold and silver prices on Monday traded under pressure, with the precious metals witnessing a decline of up to 2 per cent after the US announced a blockade of the Strait of Hormuz.
On the Multi Commodity Exchange (MCX), gold futures (June 5 contract) declined as much as 0.78 per cent or Rs 1, 195 to hit an intraday low of Rs 1, 51, 457 per 10 gram. Meanwhile, silver futures dropped by Rs 6, 084 or 2.5 per cent to Rs 2, 37, 190 per kg, hitting an intraday low as of 10:14 am.
The yellow metal touched an intraday high of Rs 1, 51, 999, up Rs 653 or 0.42 per cent, from the previous session’s close.
The white metal logged an intraday high of Rs 2, 39, 068, down Rs 4, 206 or 1.72 per cent.
On the global front, precious metals also traded lower. COMEX gold was at $4, 626, down 3.37 per cent or $161, while spot gold traded at $4, 718.38, lower by $30 or 0.61 per cent.
COMEX silver fell 5.14 per cent or $3.9 to $72.54, while spot silver traded at $74.43, down $1.44 or 1.90 per cent.