Gold and silver futures on the Multi Commodity Exchange (MCX) declined sharply, following a turbulent week in international markets.
MCX gold futures fell below ₹1.52 lakh per 10 grams. Silver futures dropped to ₹2.39 lakh per kg by the week's end. International gold prices plunged nearly 2.7%.
A stronger-than-expected US labor market report triggered the sell-off. This data bolstered expectations for a potential Federal Reserve rate hike.
Escalating geopolitical tensions in West Asia added to market volatility. Investors shifted sentiment away from bullion as a safe-haven asset.