Gold price drops 1%, silver rates crash over 2% on MCX as inflation fears, rate hike concerns revive

Gold and silver prices declined sharply on MCX on Monday morning as rising crude oil prices and a stronger US dollar dragged bullion lower. MCX gold August futures fell 1.16 percent to around 1,41,820 per 10 grams, while MCX silver September futures dropped 2.34 percent to about 2,17,448 per kg. The selloff was driven by escalating US-Iran tensions, a 4 percent jump in crude oil, a firm US dollar index at 101.22, and reviving fears of aggressive rate hikes from the US Federal Reserve amid persistent inflation concerns.