Mumbai: Precious metals witnessed a steep decline on Thursday despite heightened geopolitical tensions in West Asia, with both gold and silver slipping to multi-week lows amid strong selling pressure during the trading session. 

According to data from the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold (999 purity) dropped to Rs 1,47,889 per 10 grams, down from Rs 1,54,879 in the previous session -- marking a sharp fall of Rs 6,990 in just one day.

Silver prices also saw a significant correction. The rate of 999 purity silver declined to Rs 2,29,873 per kilogram from Rs 2,49,907 per kilogram a day earlier, registering a steep fall of Rs 20,034 per kg.

Notably, over the past week, gold prices have fallen by more than Rs 12,000, while silver has dropped by over Rs 38,000 -- indicating sustained pressure in the precious metals segment.

The downturn was also reflected on the Multi Commodity Exchange (MCX). During evening trade, gold contracts for April delivery were trading at Rs 1,42,516 per 10 grams, down 6.87 per cent or Rs 10,509. Meanwhile, silver contracts for May delivery were trading at Rs 2,23,400 per kilogram, down 11.94 per cent or Rs 30,297.

During the day, April gold futures opened at Rs 1,51,941, touched an intra-day high of Rs 1,52,449, and slipped to a low of Rs 1,41,121 per 10 grams -- its lowest level since early February.

Similarly, May silver futures opened at Rs 2,45,000, hit a high of Rs 2,45,674, and fell to an intra-day low of Rs 2,14,212 per kilogram.

With Thursday’s decline, silver has now dropped more than 20 per cent so far this month, putting it on track for a second consecutive monthly loss.

Market experts attribute the sharp volatility to ongoing geopolitical tensions in West Asia, along with fluctuations in the US dollar and crude oil prices. Concerns surrounding potential escalation involving the US and Iran have further unsettled global markets, weighing heavily on precious metal prices.