Gold and silver prices fell more than 1% on the Multi Commodity Exchange (MCX) on Tuesday as simmering tensions in the Middle East strengthened expectations that the US Federal Reserve will raise interest rates further to curb elevated inflation.
Gold futures with August expiry on the MCX fell Rs 1,834 per 10 grams, or 1.3%, to Rs 1,40,568 per 10 grams. Futures contracts with October expiry also declined more than 1% in morning trade. Silver futures with September expiry, meanwhile, fell Rs 1,960 per kg to Rs 2,20,674, while contracts with December expiry also declined more than 1%.
