New Delhi, March 9 -- Gold and silver prices declined in both international and domestic markets on Monday, even as crude oil prices surged amid escalating geopolitical tensions in the Middle East due to the ongoing US-Iran war.

In the global market, spot gold price fell 1.7% to $5,082.51 per ounce, while US gold futures for April delivery dropped 1.4% to $5,099.40 per ounce. Spot silver prices also declined, slipping 2.2% to $82.50 per ounce.

In the domestic market, MCX gold rate today fell 0.96% to Rs.1,60,077 per 10 grams. Meanwhile, MCX silver prices declined 2.67% to Rs.2,61,135 per kg.

The decline in gold and silver prices comes despite intensifying geopolitical tensions, which typically boost demand for safe-haven assets such as...