New Delhi, June 5 -- Silver rate today in India declined on Friday, 5 June and were on track to post a weekly loss as escalating tensions in the Middle East weakened hopes of a peace agreement between the United States and Iran, while rising inflation concerns strengthened expectations of higher interest rates.

MCX Silver price fell over 2% to Rs.2,59,167 per kg, while MCX Gold rate lost around 1% to Rs.1,58,213 per 10 grams.

Spot silver fell 1.4% to $72.89 per ounce. Gold prices also moved lower, with spot gold declining 0.5% to $4,452.20 per ounce as of 0225 GMT. The yellow metal has fallen around 1.8% so far this week. Meanwhile, US gold futures for August delivery slipped 0.6% to $4,478.50.

Investor sentiment was hit after Iran-bac...