New Delhi, Oct. 22 -- Silver prices crashed in Thursday's trade, October 22, with the December delivery contract on MCX plunging Rs.8,593 per kilogram to Rs.2,00,575. This was the lowest level in seven months, as escalating tensions in the Middle East pushed oil prices higher, fueling expectations of further US Federal Reserve rate hikes.

Gold prices also fell, with MCX gold declining Rs.2,300 per 10 grams to Rs.1,43,600, its lowest level in two months. Both gold and silver are down 3.3% and 10%, respectively, so far this month.

The crash in precious metals coincided with a rise in crude oil prices, as deadly attacks in Saudi Arabia heightened concerns over the impact on energy flows from the region.

Reports indicate that the US and Is...