New Delhi, March 8 -- Silver prices have taken a back seat amid the Middle East crisis, declining over Rs.5,000 in the spot market this week, as investors overlooked its safe-haven appeal and focused on its industrial metal status.

Silver prices closed at Rs.2,66,127 on February 27 (before the war) and ended the week at Rs.2,60,856, according to MCX data.

The US and Israel launched major attacks on Iran last Saturday that escalated into a war in the Middle East. The conflict has hit nearly every country in the Middle East, with over a thousand dead so far. It has also disrupted the Strait of Hormuz, the narrow mouth of the Gulf that is bordered on its north side by Iran, which carries almost 20% of the world's oil, pushing crude and gas...