New Delhi, March 23 -- Gold and silver prices in India opened sharply lower on Monday, following weakness in global bullion prices as escalating US-Iran war stoked inflation fears and concerns of higher global interest rates.

MCX gold rate opened 3% lower at Rs.1,40,158 per 10 grams as against its previous close of Rs.1,44,492 level. It hit a low of Rs.1,33,352 level, slipping as much as Rs.11,140, or 7.70%.

MCX silver price for May futures contracts opened 4% lower at Rs.2,17,702 per kg as compared to its previous close of Rs.2,26,772 level. Selling in silver prices intensified and MCX silver rate crashed as much as 11.31% to Rs.2,01,111 level, down as much as Rs.25,661.

At 11:15 AM, MCX gold price was trading lower by Rs.10,896, or 7...