New Delhi, Sept. 29 -- The yellow metal's price in India held a sharp decline in the domestic futures market during early trading hours on Tuesday, September 29, as the deadlock between the US and Iran over the Strait of Hormuz continued to keep energy costs elevated and to maintain pressure on the Federal Reserve to hike interest rates.

MCX Gold 5 October futures stood at Rs.146,513 per 10 grams, while MCX Silver 4 December contracts were 0.02% at Rs.227,390 per kg at around 9:00 am.

Bullion was trading around $4,125 an ounce, after tumbling 4% to a seven-week low.

According to a Bloomberg report, Iranian officials privately expressed pessimism about reaching a deal to end hostilities with Washington before the US midterm elections in...