New Delhi, March 23 -- Gold and silver rates today extended losses, dropped up to 3% on Monday, March 23, driven by escalating tensions in the Middle East.

COMEX gold rate today fell 3% to $4,462 per ounce, after having lost nearly 11% in its worst week since 1983. While COMEX silver prices plunged 3% to $67.5 per ounce during the Asian trading hours on Monday.

Rising oil prices have heightened inflation concerns and dampened expectations of near-term interest rate cuts by the US Federal Reserve and other global central banks. This has created a negative backdrop for non-yielding gold, which has fallen for eight straight sessions.

Crude prices fluctuated on Monday after Donald Trump issued a two-day ultimatum to Iran to reopen the Stra...