Gold and Silver under Pressure

Gold and silver prices traded under pressure today, 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, gold futures 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.