New Delhi, March 16 -- Gold prices have corrected sharply from the record highs reached earlier this year, even as global geopolitical tensions remain elevated due to the US-Iran war in the Middle East.

COMEX gold prices have declined about 11%, while MCX gold rate has dropped nearly 19% from their peak levels. The decline comes despite the ongoing escalation of the US-Iran war, which would typically boost demand for safe-haven assets.

On Monday, spot gold price was largely flat at $5,020.79 per ounce, while US gold futures for April delivery fell 0.7% to $5,024.90. On the domestic front, MCX gold rate for April futures declined by Rs.1,937, or 1.22%, to Rs.1,56,529 per 10 grams.

The recent weakness in gold prices has largely been driv...