New Delhi, Feb. 17 -- Gold and silver prices suffered significant losses on the MCX in the intraday session on Tuesday, February 17. MCX gold April futures dropped to Rs.1,51,244 per 10 grams during the session, falling by more than Rs.3,500, or over 2%. On the other hand, MCX silver March contracts suffered a bigger loss of over Rs.10,500, or 4.4%, to Rs.2,29,352 per kg.

Both precious metals are witnessing profit booking amid a sharp rise in the dollar index. Caution ahead of the US-Iran talks, minutes of the US Fed's last policy meeting and holiday in major markets in Asia due to the Lunar New Year also contributed to the selloff.

The dollar index jumped by almost 0.40% to 97.28, making greenback-backed bullion expensive for buyers in...