Stock Market Crash | Gold, Silver Price LIVE: Sensex crashes 1400 pts, Nifty breaches 23,000 at open; gold, silver crash

Stock Market Crash | Gold, Silver Price LIVE: The Indian stock market witnessed a gap-down opening, tanking 2% on Monday, as inflation fears due to the escalating US-Iran war, which has entered its fourth week, rattled global markets.

Sensex tanked 1555.60 points or 2% lower to intraday low of 72,977.34 while Nifty 50 tanked 480 points or 2% to 22,634.55. Rupee also fell 33 paise to fresh all-time low of 93.86 against US dollar in early trade.

All sectors on the NSE were also in the red led by metals, banks, fin services and auto indices whereas midcap and smallcap indices also lost over 2% each.

Asian markets traded lower, while the US stock market slid last week, with the S&P 500 closing at six month-low, as the US-Iran war escalated.

Escalating the three-week-old war, Iran said on Sunday that it would strike the energy and water systems of its Gulf neighbours if US President Donald Trump follows through on his warning to target Iran’s electricity grid within 48 hours. Iran also warned that it could completely shut a crucial waterway and target energy, IT, and desalination infrastructure if its facilities are attacked.

Trump had issued the warning on Saturday evening (New York time), raising fears of a broader regional conflict and disruption to global energy supplies. At the same time, reports indicated that the US military is deploying thousands of additional marines and sailors to the Middle East, further intensifying concerns.

Gold, Silver Rates Today

Gold and silver prices declined more than 3% as the escalating US-Iran war stoked inflation concerns and expectations of higher global interest rates.

Spot gold price plunged 3.3% to $4,340.09 per ounce, extending losses for a ninth consecutive session. US gold futures for April delivery tanked 5% to $4,347 an ounce. Spot silver prices lost 3.3% to $65.55 per ounce.

Gold prices extended their drop to a roughly four-month low, and had crashed more than 10% last week.

Among other commodities, spot platinum prices fell 4.4% to $1,838.45 and palladium prices declined 0.4% to $1,398.50.

Crude Oil Prices

Crude oil prices were stable after a sharp rise as Trump gave Iran a 48-hour ultimatum to open the Strait of Hormuz or face decimation of its energy infrastructure. Brent crude oil price eased 0.68% to $111.43 a barrel, while the US West Texas Intermediate (WTI) crude futures fell 0.13% to $98.10.

Stay tuned to this segment for the latest developments in the Indian stock market today along with the gold and silver prices.