Mumbai, March 23 -- Gold and silver prices in the domestic market witnessed a sharp decline of more than 7 per cent on Monday amid ongoing tensions in West Asia, global economic concerns and a strengthening US dollar, which has shifted investor interest away from precious metals.

Gold prices fell sharply during the session, dropping from Rs 140158 in the opening trade to Rs 129595, and currently trading at Rs 134 marking a steep fall of over 7 per cent.

Silver prices also saw a similar trend, declining by more than 7 per cent and trading at Rs 209,797 per kg, after hitting a low of Rs 199643 during the day, indicating high volatility in the market.

Market experts attributed the decline to a combination of rising inflation concerns, hig...