New Delhi, Sept. 2 -- Gold and silver prices dropped more than 1% on the MCX on Wednesday (2 September) morning, mirroring weak global trends. MCX gold October futures were down 1.03% at Rs.1,50,164 per 10 grams, while MCX silver December futures were 1.26% down at Rs.2,32,464 per kg around 9:05 AM.

US gold prices dropped to their lowest levels in over three weeks, pressured by an uptick in the US dollar and global bond yields amid escalating US-Iran conflict, higher oil prices, and increased rate-hike fears.

Brent crude futures climbed more than 1% to trade near $96 per barrel as the US and Iran launched strikes against each other, while the dollar index rose to a two-week high of 99.80, making greenback-backed bullion slightly more ex...