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SElling pressure level in preciously metals intensified in th’s eventide merchandise, 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. The sharp drop has pushed the yellow metal deeper into losses, with a decline of 11% so far in March and cutting its year-to-date returns to just 6.60%, reported Mint.On the retail side, gold prices in India were seen around ₹1,41,577 for 24-carat gold per 10 grams on Thursday.Silver sees steeper fall, hits December levelsSilver, which tends to be more volatile than gold, witnessed an even sharper decline. The white metal dropped ₹25,500 per kilogram to ₹2,22,234, marking its lowest level since late December.With Thursday’s fall, silver’s month-to-date losses have widened to 21%, putting it on track for a second consecutive monthly decline.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.The ongoing conflict, now nearly three weeks old, has driven up crude and gas prices, adding to inflationary pressures. This, in turn, reduces the likelihood of interest rate cuts by the Federal Reserve and other central banks – a key factor weighing on precious metals.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.While volatility in precious metals has eased somewhat compared to the sharp swings seen earlier this year, ongoing fluctuations continue to deter some investors who traditionally view gold as a safe haven.“It’s not a safe haven anymore, it’s a speculative asset,” Patrick Armstrong, chief investment officer of Plurimi Wealth LLP, told Bloomberg.

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Gold, silver prices slip to multi-weeks low amid war in West Asia | Check rates here

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