Precious metals slumped in domestic and global markets on Monday, with spot gold falling 4% to a seven-week low of $4,110.55 an ounce and silver dropping 4.5%.
In Indian commodity markets, MCX October gold futures declined by Rs 3,214 to Rs 1,47,667 per 10 grams, while September silver futures fell Rs 6,661 to Rs 2,28,035 per kg.
The sell-off was driven by rising crude oil prices near $110 a barrel due to Middle East supply concerns, alongside higher US Treasury yields and rate-hike expectations.