Gold, Silver rate today : Gold and Silver off early lows, MCX Gold down 2% Silver futures down 4%

On MCX, the April delivery contract for gold was down 2.7% trading at Rs 1,40,460 per 10 grams. Spot gold also held steady after a volatile session and was trading near the $4,466/oz mark.

While, the May delivery contract of silver trading flat at Rs 2,25,394 per kg. In international markets, spot silver was quoted near the $69/oz mark.

"In the short term, pressure on gold prices is likely to continue until the gold-silver ratio reaches around 75. For silver, a more meaningful reset is expected when the ratio moves closer to 100, which could mark the onset of the next breakout phase," says Karan Aggarwal, Co-founder & CIO, Ametra PMS; a quant based PMS & Portfolio Manager

He adds that any dip below US$ 4000 for gold and US$ 50 for silver represents a reasonable entry point for investors'.

MCX Gold and Silver futures have cooled off their early lows, as the April delivery contract of gold is down 4.7% trading at Rs 1,37,679 per 10 grams. While the May delivery contract for silver is now down 3.8% trading at Rs 2,17,979 per kg.

In international markets, spot gold is currently trading near the $4,380/oz mark while spot silver is quoted near the $67/oz levels, marking a recovery from their intra-day lows.

“Despite gold’s traditional safe-haven appeal, the current macro setup—strong dollar and higher yields is exerting downward pressure on prices, Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said.

He added that from a technical and macro perspective, downside levels of $4,000 and $3,600 remain open in the short term. However, if there is any meaningful de-escalation in geopolitical tensions and clarity on rate cuts, gold could witness a sharp recovery, with $5,000 not ruled out on the upside."

Commodity Strategist, Ole S Hansen, in a social media post on X explained that tensions across Middle East tensions forced a repricing of assets across globe as the yellow metal moved to its 200 day moving average. He added that, over the longer run the yellow metal is likely to stage a strong rebound.

https://twitter.com/Ole_S_Hansen/status/2035990271729578124?s=20

On MCX the most-active contract for silver was down 9% trading at Rs 2,06,292 per kg. In international markets, spot silver is currently trading near the $64/oz mark.

The weakness for silver is being dragged by elevated oil prices which have stoked inflationary concerns along with a high dollar index.

"Silver is underperforming gold due to its dual nature as both a monetary and industrial metal. With higher energy prices raising concerns around global growth, expectations of industrial demand have weakened, adding further downside pressure on silver relative to gold," said Anindya Banerjee Head of Commodity and Currency Research Kotak Securities.

The bullion market has experienced a significant regime shift, with COMEX gold recording its steepest weekly decline in decades. Prices dropped more than 10% in the previous week, settling below the critical $4,500 threshold. This aggressive sell-off was catalyzed by a multifaceted macro-economic shift. Speakng on the extent of losses, Deveya Gaglani, Senior Research Analyst - Commodities, Axis Securities, pointed out that, "Geopolitical De-escalation & Escalation: While the U.S. Pentagon's deployment of warships and Marines to the region initially signaled conflict, markets are now pricing in the economic consequences of a sustained military presence."

He added that, "Fears of persistent inflation have led traders to price in a 50% probability of a Federal Reserve rate hike by October, a sharp reversal from earlier easing expectation. Gold remains under intense pressure from rising Treasury yields, a resurgent US Dollar, and systematic profit-taking as investors liquidate bullion to cover losses in other asset classes."

Spot gold hit an intra-day low of $4,127/oz, hitting its lowest levels in four months over escalations in the Middle East conflict as inflationary concerns which has also reassessed the monetary policy stance of central banks globally as markets are now pricing in rate hikes.

The metal which was trading near the highs of $5,600/oz in late January in currently trading near the $4,254/oz mark.

On MCX, the April delivery contract of gold was down 7.49% trading at Rs 1,33,367 per 10 grams.

"MCX Gold is down 28.5% from an all time high. MCX Silver is down 52.3% from an all time high. Geopolitical tensions continue to underpin gold, but recent price action shows they are not enough on their own to drive a sustained rally," said Jigar Trivedi, Senior Research Analyst at Indusind Securities .

He added that macro factors, particularly real yields, the US dollar and interest rate expectations, remain the key constraints on further upside

Trivedi said macro forces outweigh geopolitics:
-Energy prices complicate inflation outlook
-Central banks remain supportive, but buying may slow
-ETF outflows weigh on gold prices
-Outlook still constructive, but near-term safe-haven demand has been overshadowed by higher energy prices, a stronger dollar and shifting rate expectations.

The May delivery contract of Silver was down by more than 9% on MCX trading at Rs 2,04,600 per kg. I

MCX Silver fell below the Rs 2,00,00 kg for the first time since December 11, 2025. The contract hit an all time low of Rs 1,99,643 per kg.

In international markets, spot silver currently trading near the $63/oz mark, hit an intra-day low of $61/oz

"Gold and silver have not officially entered a bear market. Gold has rallied more than 170% over the past two years, indicating sustained long-term strength despite recent volatility. Gold would need to fall below $3,200 an ounce to signal a meaningful bearish shift," said Hareesh V, Head of Commodity Research, Geojit Investments.

He added that similar is the case for silver which will turn structurally weak only if prices decline below $44. Until these key levels are breached, both metals remain in a broader bullish-to-neutral trend rather than a bear phase.

Silver prices are also trending down across major cities of India. Here is the price of 10 grams silver across different cities

In Ahmedabad 10 grams silver price is Rs 2,300

In Bangalore 10 grams silver is priced at Rs 2,300

In Chennai 10 grams of silver is valued at Rs 2,350

In Mumbai 10 grams of silver is valued at Rs 2,300

And, in Delhi 10 grams of silver stands at Rs 2,300

Read More: Silver Rate Today 23rd March 2026: Silver is down by 8.50%; check prices in Mumbai, Bengaluru, Hyderabad, Delhi, Ahmedabad

Gold and Silver prices came under heavy selling across both domestic and global markets in the latest session.

The weakness in silver translated almost one-to-one into ETF prices, with losses clustering close to double digits across the board. Tata Silver Exchange Traded Fund was trading at Rs 20.26 with a 9.31% decline, Nippon India Silver ETF stood at Rs 198.87 down 9.56%, and Groww Silver ETF was at Rs 20.35, lower by 9.48%.

Gold ETFs also moved lower in a broad sweep, though the fall remained contained compared to silver. Tata Gold Exchange Traded Fund traded at Rs 13.26 down 6.88%, Nippon India ETF Gold BeES was at Rs 112.63 with a 6.96% decline

Read More: Gold, Silver ETFs sink as Gold slides over 5%, silver plunges 7% on margin pressure

Axis Securities in its commodity insights report recommended selling MCX Gold at Rs 1,47,000. The brokerage said that the safe-haven demand for gold fell over the escalations in the Middle East conflict, along with high dollar, and profit-taking by investors as they liquidated their positions to offset losses.

"While the long-term outlook of the yellow metal continues to remain positive, both international and domestic economies are going to see strong tremors due to the conflict and gems & jewellery exports will be impacted the most. We are hopeful that the tension will settle down and the economies will get back on track," said Colin Shah, MD, Kama Jewelry.

Gold prices across different cities of India are also fluctuating . Here are the prices of 24-carat- gold across different cities of India.

In Ahmedabad 10 grams of 24-carat-gold is priced at Rs 1,40,070

In Bangalore 10 grams of 24-carat-gold is priced at Rs 1,40,020

In Chennai 10 grams of 24-carat-gold is valued at Rs 1,41,280

In Mumbai 10 grams of 24-carat-gold is valued at Rs 1,40,020

And, in Delhi 10 grams of 24-carat-gold stands at Rs 1,40,170

Read More: Gold Rate Today 23rd March 2026: Gold is unchanged; check prices in Mumbai, Chennai, Delhi, Bengaluru

Market veteran Ajay Bagga decoded the sharp selloff in gold and silver and pointed out that "Gold prices have fallen more than 12 per cent since the war began as a stronger dollar and expectations of higher interest rates dent bullion demand. Copper prices have dropped more than 11 per cent. Gold and Silver have seen sustained selling as margin calls and liquidity demand is leading to large investors selling these. Cash strapped energy producing nations could be selling Gold to generate liquidity as well."

https://twitter.com/Ajay_Bagga/status/2035945949949014136?s=20

Financial Publication, Kobeissi Letter in a social media post on X said that gold has officially entered the bear market , as prices have fallen down by nearly 22% from its record high of $5,600/oz mark.

In international markets, spot gold is currently trading near the $4,366/oz mark.

https://twitter.com/KobeissiLetter/status/2035926725939388494?s=20

"Last week, silver declined over 15% as surging oil prices fueled inflation concerns, prompting markets to price in a prolonged pause or potential rate hikes from major central banks, " Jigar Trivedi, Senior Research Analyst at Indusind Securities said.

He added that traders are expecting a possible rate increase by the Fed toward year-end amid fears of persistent inflation. "MCX Silver May futures is expected to drop to Rs 215,000/kg amid a sharp sell off in the international markets," Trivedi said.

In international markets spot silver is currently trading near the $65/oz mark. On MCX, the May delivery contract for silver is down 5.6% trading at Rs 2,14,200 per kg mark.

The plunge for silver and precious assets comes in over renewed inflationary concerns and markets pricing in the possibility of a rate hike by the US Federal Reserve. Higher interest rates reduce the appeal of non-interest yielding assets.

" Last week, gold dropped over 10% as surging oil prices fueled inflation concerns, prompting markets to price in a prolonged pause or potential rate hikes from major central banks. Traders are anticipating a possible Federal Reserve rate increase toward year-end amid fears of persistent inflation," said Jigar Trivedi, Senior Research Analyst at Indusind Securities.

He added that the ECB, BOE and BOJ also kept rates unchanged last week but signaled readiness to tighten policy further if inflationary pressures persist. "MCX Gold April futures may drop to Rs 141,000/10g as the sentiment is weak in the world markets too," Trivedi.

In international markets, spot gold is currently trading near the $4,357/oz mark. Meanwhile, as per Indian exchange MCX, the April delivery contract for gold was trading at Rs 1,37,812 per 10 grams mark, down 4.6% from its previous close.

This marks a nearly four month low for the yellow metal, which was holding near the $5,000/oz mark just last week. Over the past seven days gold has declined by over 10%.

"Gold fell below $4,400/oz as the ongoing Middle East conflict intensified inflation fears, while major economies face pressure to boost liquidity, including through gold sales, to offset the war’s impact. The Iran war shows little sign of easing, with President Donald Trump threatening strikes on Iranian power plants if the Strait of Hormuz is not reopened, while Tehran warned it would target key US and Israeli assets across the region if its energy facilities were hit," said Jigar Trivedi, Senior Research Analyst at Indusind Securities.

"Last week, gold dropped over 10% as surging oil prices fueled inflation concerns, prompting markets to price in a prolonged pause or potential rate hikes from major central banks. Traders are anticipating a possible Federal Reserve rate increase toward year-end amid fears of persistent inflation. The ECB, BOE and BOJ also kept rates unchanged last week but signaled readiness to tighten policy further if inflationary pressures persist. MCX Gold April futures may drop to Rs 141,000/10g as the sentiment is weak in the world markets too," he added.

Leading commodity market expert and economist Peter Schiff believes that selling gold may not be the right strategy at the moment. He explained that "Selling gold because rising inflation will keep the Fed from cutting interest rates, when rates are already too low, makes no sense. Falling real rates are bullish for gold. It's the stock market that needs rate cuts. That's why it makes no sense that stocks are down so little."

https://twitter.com/PeterSchiff/status/2035892055520473351?s=20

Gold and silver rates continue to plunge lower. Gold is now down 5% and silver prices have fallen 6% in Asian trade in international market. This extends the weakness seen across precious metals the whole of last week when gold and silver closed with 10% plus losses.

According to economists, inflation is one of the key concerns for the precious metals investors. Well known economist Peter Schiff pointed out that "Rising oil prices won't cause higher inflation. More expensive oil means Americans will have less money to spend on other things. Reduced spending will cause a recession, which will result in larger budget deficits, rate cuts, and QE. That's what will cause higher inflation."

https://twitter.com/PeterSchiff/status/2035879862804611371?s=20

Gold prices have fallen over 5% in early Asian trade. In the international market, gold rate has fallen below $4,400/oz. This remains a psychologically important level for the market. All eyes are on how gold fares on MCX today.

"Precious metals are set to enter the upcoming week under visible pressure, following a sharp corrective phase driven by profit-booking, a stronger US dollar, and mixed signals from ongoing Middle East geopolitical developments. While safe-haven demand had earlier supported the rally, recent volatility has impacted sentiment, leading to notable weekly declines in gold and silver," said Ponmudi R, CEO of Enrich Money.