New Delhi, July 13 -- Gold and silver prices declined in the domestic futures market on Monday, 13 July, morning amid a jump in crude oil prices due to escalating tensions between the US and Iran, which drove the US dollar higher.

MCX gold August futures were 1.16% down at Rs.1,41,820 per 10 grams, while MCX silver September futures were 2.34% down at Rs.2,17,448 per kg around 9:10 am.Crude oil prices jumped 4%, boosting demand for the US dollar and driving it higher. The dollar index jumped nearly 0.30% to 101.22, weighing on gold prices.

An increase in the US dollar makes greenback-denominated gold more expensive for buyers in other currencies, creating demand fatigue.

Media reports suggested the US and Iran have exchanged heavy miss...