Mumbai, March 23: Gold and silver prices experienced a substantial decline on Monday, with gold falling below ₹1.37 lakh per 10 grams and silver dropping below ₹2.13 lakh per kilogram.
On the Multi Commodity Exchange (MCX), the price for gold contracts set for April 2, 2026, decreased by ₹7,619, or 5.27%, settling at ₹1,36,873. During trading, gold reached a low of ₹1,36,403 and a high of ₹1,40,158.
Silver also continued its downward trend. The price for silver contracts due on May 5, 2026, fell by ₹14,495, or 6.39%, to ₹2,12,277. In trading, silver touched a minimum of ₹2,11,086 and a maximum of ₹2,17,702.
International markets mirrored this decline in gold and silver prices. As of the time of writing, gold on COMEX was down 5.50% at $4,359 per ounce, while silver dropped 6.65% to $65.08 per ounce.
Manav Modi, a commodity analyst at Motilal Oswal Financial Services Limited, attributed the significant drop in gold prices to rising inflation concerns and expectations of higher interest rates. He noted that there are no signs of easing tensions between the U.S. and Israel regarding Iran.
Tensions escalated over the weekend when President Trump issued a 48-hour ultimatum for Iran to reopen the Strait of Hormuz and warned of severe retaliation targeting critical energy infrastructure. In response, Tehran threatened to attack key regional assets and potentially close the strait entirely. This conflict has now entered its fourth consecutive week, raising fears of prolonged disruptions to global energy supplies.
–
Leave a Comment