Mumbai, March 16: Gold and silver prices have seen a notable decline on Monday, with both precious metals dropping by approximately ₹3,500.
On the Multi Commodity Exchange (MCX), gold for the April 2, 2026 contract fell by ₹1,192, or 0.75%, settling at ₹1,57,274. During the trading session, gold reached a high of ₹1,57,347 and a low of ₹1,56,665.
Meanwhile, silver for the May 5, 2026 contract decreased by ₹3,435, or 1.19%, to ₹2,56,340. In the same trading period, silver touched a low of ₹2,54,367 and a high of ₹2,56,444.
Internationally, both gold and silver are also experiencing declines. Gold is priced at $5,028 per ounce, down by 0.66%, while silver is at $80.70 per ounce, reflecting a 0.79% decrease.
Experts attribute the drop in gold prices to the upcoming U.S. Federal Reserve meeting starting March 17, with results expected on March 18. Given the rising crude oil prices, the Fed may maintain interest rates, prompting investors to remain cautious ahead of the meeting. The decisions made during this meeting will significantly influence gold’s direction.
Additionally, the persistent rise in crude oil prices, remaining above $100 per barrel, has strengthened the dollar, further pressuring gold prices. There are no signs of de-escalation in the Iran conflict, as the U.S. and Israel attacked a major export terminal over the weekend, prompting Tehran to issue warnings of severe retaliation. This ongoing tension continues to provide support for gold and silver prices.
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