Gold, Silver Rates Crash Today Live Updates: Gold, silver prices plunge amid US-Iran war, precious metals see volatility; what's the outlook?

“Gold remained highly volatile, with prices recovering from a weak opening near ₹136500 to around ₹140000, largely driven by short covering and easing geopolitical risk sentiment. The rebound comes after reports that US President Donald Trump has advised halting further military action against Iran, raising hopes of possible de-escalation.

However, the upside remains capped as the broader macro environment is still not supportive. Despite temporary relief, markets continue to factor in inflation risks from elevated crude prices and uncertainty around interest rate trajectory, which keeps gold sentiment fragile.

On the domestic front, gold is holding strong support near ₹135000, while resistance is placed around ₹142000. Price action is expected to remain highly sensitive to geopolitical headlines, with volatility likely to persist as markets react to any further developments in the ongoing conflict,” says Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.

Gold prices ended a four-session decline on Tuesday, rising by Rs 1,200 to reach Rs 1.44 lakh per 10 grams in the national capital, while silver prices remained unchanged at Rs 2.30 lakh per kilogram, according to the All India Sarafa Association.

The 99.9% purity gold had previously settled at Rs 1,43,600 per 10 grams, inclusive of all taxes, on Monday.

Market participants said the uptick in domestic gold rates was driven by a recovery in global commodity prices, along with fresh buying interest at lower levels following the recent sharp correction.

In global markets, spot gold rebounded after falling for nine consecutive sessions, gaining USD 16.96, or 0.38%, to trade at USD 4,423.83 per ounce. Meanwhile, silver was up 1.03%, quoted at USD 69.86 per ounce.

1 Gm Gold 24 Kt: Rs 14,450.00

1 Gm Gold 22 Kt: Rs 13,250.00

1 Kg Silver: Rs 2,29,600.00

24 KT gold: Rs 14,306/- per gram

22 KT gold: Rs 13,115/- per gram

18 KT gold: Rs 10,734/- per gram

Silver continued to face intense selling for the tenth consecutive session on Tuesday, with prices falling by Rs 9,467 to Rs 2.15 lakh per kilogram in futures trading, amid persistent volatility and weak global signals.

On the Multi Commodity Exchange (MCX), silver contracts for May delivery declined by Rs 9,467, or 4.2%, to settle at Rs 2,15,700 per kilogram.
In the previous session, the metal had plunged sharply by Rs 27,129, or 12%, touching an intraday low of Rs 1,99,643 per kg before recovering some ground to close at Rs 2,25,167 per kg, still down Rs 1,605, or 0.71%.

Over the past ten sessions, silver has recorded a cumulative drop of Rs 62,150, or 22.36%, from its level of Rs 2,77,850 per kg on March 10, 2026.

Gold and silver exchange-traded funds have declined by as much as 13% amid rising geopolitical tensions in the Middle East, leaving investors confused as traditionally safe-haven assets struggle to maintain stability. The sharp correction has sparked debate over whether investors should hold on, rebalance their portfolios, or trim exposure, particularly to more volatile assets such as silver.

Market participants noted that decisions regarding commodity-based ETFs should be guided by long-term asset allocation strategies, and for now, investors should continue their exposure to gold and silver ETFs.

Silver’s remarkable rally has come to a sudden stop. After ranking among the best-performing assets of 2025 with returns of as much as 170% and carrying that momentum forward with an additional 74% rise in January 2026, the metal has sharply reversed direction. It is now down 4% for the year, catching both long-term and short-term investors off guard and prompting a shift toward risk reduction and safer assets.

What is striking is the pace and magnitude of the fall. May silver futures have dropped 51% from their all-time high of Rs 4.39 lakh per kilogram to below Rs 2.15 lakh within just two months. In absolute terms, this represents a steep decline of Rs 2,23,924, highlighting the scale of the selloff.

“The current pause and correction in gold and silver prices would continue to influence retail sentiment in the near future,” said Aksha Kamboj, vice president at India Bullion & Jewellers Association.

“Global factors, like the strength of the US dollar and the uncertainty over interest rates would likely prevail, which may cause prices to fluctuate, hence encouraging customers to hold back on making investment-led purchases. During this phase, however, the trend is expected to result in higher planned and need-based buying,” she said.

“The structural case for gold’s positive outlook remains intact. Current levels offer a more attractive entry than chasing prices higher for ETF investors,” said Chirag Mehta, chief investment officer at Quantum AMC. “For those underweight, buying during such phases of correction builds a better cost basis. Treat this dip as an accumulation opportunity as such opportunity has become more and more rare in the current gold bull cycle.”

Experts noted that the ongoing correction is expected to dampen retail sentiment in the short term. Global cues, including a strong US dollar and uncertainty surrounding interest rate movements, may keep prices volatile and lead investors to stay cautious about investment-driven purchases.

Gold and silver prices began Tuesday’s session on a weak note on the Multi Commodity Exchange of India, continuing their decline for a second consecutive day as sentiment remained under pressure from a stronger US dollar and reduced expectations of imminent rate cuts by the Federal Reserve.

The firmness in the dollar increased the cost of bullion priced in the US currency for investors holding other currencies, thereby weighing further on prices.
Geopolitical tensions in the Middle East also stayed elevated after Iran rejected claims of any “productive conversations” with US President Donald Trump, who had earlier indicated that discussions were in progress to resolve the conflict.

On the MCX, silver futures for May 2026 delivery dropped by Rs 7,390, or 3.2%, to Rs 2,17,777 per kilogram. Gold futures for April 2026 delivery also declined, falling Rs 2,145, or 1.5%, to Rs 1,37,115 per 10 grams.

Gold prices declined by over 1% on Tuesday, marking a tenth consecutive day of losses, as strength in the US dollar and diminishing expectations of imminent Federal Reserve rate cuts weighed on the metal.

As of 0227 GMT, spot gold was down 1.6% at $4,335.18 per ounce. In the previous session, the metal had dropped to its lowest level since November 24.

Analysts at ANZ note that gold’s sharp one-day surge at the onset of the Iran conflict, followed by a sustained decline, mirrors patterns seen during past major shocks. In such situations, they said, immediate liquidity needs tend to outweigh demand for safe-haven assets in the initial phase.

“Gold should do well in a stagflationary environment, it always has, but there may be more profit taking and liquidation first,” said John Reade, senior market strategist at the World Gold Council.

“2025's trades are being unwound, and we are yet to see 2026 stagflationary trades.”

As the Iran conflict moves into its fourth week, spot gold has declined 15% since tensions escalated on February 28 and is now about 22% below the record high it reached in January.

While gold is traditionally seen as a safeguard against inflation, rising expectations that interest rates will remain elevated in the near to medium term—driven by higher energy prices—are acting as a drag on the metal, which does not generate any yield.

Analysts expect sharp fluctuations in gold prices to continue in the near term as investors reduce risk exposure. The conflict involving Iran has heightened inflation concerns, weakened expectations of interest rate cuts, and added pressure to the global growth outlook, they noted. Over a longer horizon, however, they said gold’s status as a store of value is likely to regain prominence.

In early trading on Monday, gold fell to a four-month low of $4,098, coinciding with a steep decline in Chinese equity markets, the world’s largest gold consumer, which recorded their biggest drop in a year. Spot gold was last trading 2.5% lower at $4,377 per ounce, after recovering part of its losses following US President Donald Trump’s statement that any planned strikes on Iran’s energy infrastructure would be postponed.

Since the outbreak of the Middle East conflict on February 28, spot gold prices have declined by more than 15%. The metal has also pulled back roughly 20% from its all-time high of $5,594.82, which was recorded on January 29.

A Kotak report points out that gold holdings now account for a substantial portion of household wealth, making up about 65 per cent of non-property assets. It also estimated that the value of gold owned by households is approximately 175 per cent of their combined deposits and equity investments.

Over the past five years, the value of gold held by households has risen more than fourfold, increasing from Rs 109 lakh crore at the end of March 2019 to Rs 445 lakh crore by January this year. A large share of this accumulation has been driven by imports. The report cautioned that sustained gold imports to meet domestic demand carry significant macroeconomic implications.

It explained that, assuming other external sector flows remain unchanged, such demand could lead to a depletion of the Reserve Bank of India’s foreign exchange reserves, reflected in a decline in net foreign currency assets on its balance sheet, the report authored by Sanjeev Prasad, Anindya Bhowmik and Sunita Baldawa said.

Rising energy costs driven by the Iran conflict have recently strengthened expectations that interest rates may remain elevated for an extended period. Although gold is typically viewed as a hedge against inflation and a safe-haven asset, it has not gained much from the situation, as higher rates increase the opportunity cost of holding a non-yielding asset like gold.

US President Donald Trump stated that discussions between the United States and Iran have been constructive, adding that any planned attacks on power plants and energy facilities would be deferred. He also mentioned in a social media post that talks with Iran would continue over the course of the week. However, Iran’s Fars news agency, citing a source, reported that there have been no direct or indirect communications with the United States.

"The overnight sell-off was a continuation of ⁠the long liquidation we've seen over the past several sessions, driven largely by expectations of rising interest rates. The dramatic reversal came after Trump's post on Truth Social. The headline triggered broad reversals across markets - metals, energy and equities alike," David Meger, director of metals trading at High Ridge Futures told Reuters.

Gold pared some of its earlier losses on Monday, recovering from a four-month low touched during the session, after remarks by U.S. President Donald Trump about delaying planned strikes on Iran’s energy facilities triggered a sharp drop in oil prices.

Spot gold was down 0.4% at $4,470.36 per ounce as of 10:53 a.m. ET (1453 GMT), after having earlier tumbled more than 8% to an intraday low of $4,097.99. The metal had also recorded its steepest weekly decline since 1983 on Friday.

The sharp surge in gold prices in recent times has pushed the estimated worth of the precious metal held by Indian households beyond $5 trillion, placing it at roughly 125 per cent of the country’s GDP. However, a report by Kotak Institutional Equities highlighted that the consistent buying of gold each year effectively shifts financial savings, such as bank deposits, into physical holdings. It noted that this trend is comparable to an outflow of household capital.

Using data up to January 2026, the report estimated that $5 trillion translates to around Rs 445 lakh crore as of the end of January. This figure was marginally below India’s total market capitalisation, which stood at Rs 460 lakh crore, according to BSE data.

Gold prices dropped sharply in the national capital on Monday, falling by Rs 9,050 to Rs 1.43 lakh per 10 grams, as weak global cues and muted local demand weighed on the market. Silver also witnessed a significant decline, sliding Rs 10,500 to Rs 2.30 lakh per kilogram.

Data from the All India Sarafa Association showed that gold with 99.9 per cent purity fell by Rs 9,050, or close to 6 per cent, to Rs 1,43,600 per 10 grams, inclusive of all taxes, compared with its previous close of Rs 1,52,650 per 10 grams on Friday.

Similarly, silver recorded a steep fall of Rs 10,500, or 4.36 per cent, settling at Rs 2,30,000 per kilogram, inclusive of all taxes. In the prior trading session, the metal had closed at Rs 2,40,500 per kilogram.

Global gold prices dropped to $4,099 on March 23, marking a year-to-date decline of 5.09%, as a stronger US dollar and a spike in worldwide oil prices heightened inflation worries.

However, the metal regained some ground after US President Donald Trump announced a five-day ceasefire in the ongoing Iran conflict. At present, spot gold is trading at $4,391, reflecting a 1.66% gain so far this year.

Ponmudi R, CEO of Enrich Money, said MCX gold began the session with a gap-down opening and is currently trading above the Rs 1,36,000 support level, indicating weak global signals and a lack of strong recovery momentum. On the higher side, the immediate resistance is seen in the Rs 1,39,000 to Rs 1,40,000 range, and a sustained move beyond this band could push prices toward Rs 1,43,000–Rs 1,46,000.

On the downside, support is positioned between Rs 1,34,000 and Rs 1,35,000, and a breach below this zone may lead to intensified profit booking, dragging prices closer to Rs 1,30,000. Overall, the short-term outlook appears negative, with gold trading below key moving averages and volatility likely to remain high amid ongoing macroeconomic uncertainty.

1 Gm Gold 22 Kt: Rs 12,670.00

1 Gm Gold 18 Kt: Rs 10,640.00

1 Gm Silver: Rs 235.00

“Gold prices have witnessed significant weakness, slipping below $4300, down 5.5% (~$250), while on MCX prices have corrected sharply by around ₹11,000 to ₹133700 (~7.5%). The decline is largely driven by rising inflation risks, which are altering expectations around the rate cut cycle, with markets now pricing in a more prolonged higher interest rate environment.

Additionally, persistent geopolitical tensions in Western Asia are keeping crude prices elevated, further reinforcing inflation concerns and weighing on gold sentiment. Despite gold’s traditional safe-haven appeal, the current macro setup—strong dollar and higher yields is exerting downward pressure on prices.

From a technical and macro perspective, downside levels of $4000 and $3600 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 $5000 not ruled out on the upside,” says Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.

Gold prices witnessed a steep decline on Monday, dropping by over 10 per cent to around Rs 1.29 lakh per 10 grams in the futures market, as a broad global sell-off in precious metals unfolded amid mounting macroeconomic concerns.

On the Multi Commodity Exchange, gold futures plunged by Rs 14,897, or 10.3 per cent, settling at Rs 1,29,595 per 10 grams. The metal has now fallen by Rs 63,501, or nearly 33 per cent, from its record high of Rs 1,93,096 per 10 grams reached on January 29, 2026.

According to analysts, the sharp correction has been driven by growing inflation worries and a spike in crude oil prices, both of which have weighed on the global economic outlook.

Spot gold prices sank 10.52% to $4491 in the week ending March 20, which is the worst weekly decline in more than four decades, as rate cut odds flipped into rate hike odds.

The key central banks are flagging inflation risk due to rising energy prices

Traders monitor oil prices for clues to rate direction.

Gold is expected to range trade though a possible test of $4000 maybe on the cards. Resistance is at $4405, says Praveen Singh, Head of Commodities, Mirae Asset ShareKhan.

Gold and silver prices continued to slide during Monday afternoon trade on the Multi Commodity Exchange of India, registering steep declines. The downturn was driven by heightened geopolitical tensions in the Middle East and inflationary pressures stemming from rising crude oil prices, which in turn reinforced expectations that global interest rates could remain elevated.

Silver futures on the MCX for May 2026 delivery dropped by Rs 26,262, or 11.5%, settling at Rs 2,00,510 per kilogram. Gold futures slated for April 2026 delivery also witnessed a sharp fall, slipping Rs 12,984, or 9%, to Rs 1,31,508 per 10 grams.

Globally, gold prices saw a significant decline on Monday, falling by over 5% to hit their lowest level so far in 2026. The metal also posted its sharpest weekly loss in more than four decades, tumbling over 10% last week and ending Friday below the $4,500 per troy ounce mark in the spot market.

Bitcoin fell below the $70,000 level on Monday, dropping to around $68,000 as escalating tensions between the United States and Iran unsettled global financial markets and triggered rapid liquidations of nearly $243 million, largely from long positions. The cryptocurrency was last trading at about $68,627.

Over the past 24 hours, both Bitcoin and Ethereum recorded declines of 0.9 per cent and 2 per cent, respectively. Among major altcoins, BNB, XRP, Solana, Dogecoin, Hyperliquid and Cardano also slipped by as much as 2 per cent, while Tron bucked the trend with a marginal gain of 0.3 per cent.

Abhishek Bhilwaria of BhilwariaMF, an AMFI-registered mutual fund distributor, told ET that amid heightened geopolitical uncertainty and the likelihood of a gap-down opening in markets, investors should remain disciplined and refrain from panic selling. He advised continuing systematic investment plans (SIPs), as market corrections provide an opportunity to accumulate more units at lower prices through rupee cost averaging, which remains a key advantage of SIPs during downturns.

“If you have extra cash, you might even consider a tactical top-up in diversified or large-cap funds while valuations are pressured, but avoid trying to "time the bottom" perfectly.” he said and added, "focus on long-term compounding and treat today’s market noise as an opportunity to build your portfolio at a discount rather than a reason to exit."

The price of 24 karat gold is Rs 14,002 per gram

The price of 22 karat gold is Rs 12,835 per gram

The price of 18 karat gold is Rs 10,502 per gram

The price of 24 karat gold is Rs 14,128 per gram

The price of 22 karat gold is Rs 12,950 per gram

The price of 18 karat gold is Rs 10,800 per gram

The price of 24 karat gold is Rs 14,002 per gram

The price of 22 karat gold is Rs 12,835 per gram

The price of 18 karat gold is Rs 10,502 per gram

The price of 24 karat gold is Rs 14,017 per gram

The price of 22 karat gold is Rs 12,850 per gram

The price of 18 karat gold is Rs 10,517 per gram

Gold-focused exchange-traded funds declined by as much as 9 per cent on Monday. Nearly 24 gold ETFs registered losses in the range of 6 to 9 per cent, while The Wealth Company Gold ETF recorded the smallest drop in the segment, slipping about 2 per cent.

In the commodities segment, MCX silver futures for May 2026 delivery fell by Rs 13,606, or 6 per cent, to Rs 2,13,166 per kilogram. Gold futures for April 2026 delivery also declined, dropping Rs 7,115, or 5 per cent, to Rs 1,37,377 per 10 grams.

Gold prices fell sharply as rising inflation concerns and expectations of higher interest rates continued to weigh on bullion, even as the US-Israel conflict with Iran showed no signs of easing. Over the weekend, tensions escalated after President Trump issued a 48-hour deadline for Iran to reopen the Strait of Hormuz, warning of severe retaliation targeting critical energy infrastructure, while Tehran responded with threats to attack key regional assets and potentially shut the strait entirely. The conflict has now entered its fourth consecutive week, with continued hostilities raising fears of prolonged disruptions in global energy supply.

These developments have significantly increased concerns over energy-driven inflation, which has been a major factor dragging gold lower in recent weeks. Markets now expect that sustained high oil prices could force central banks to adopt a more hawkish stance, limiting the appeal of non-yielding assets like gold.

The shift in rate expectations has been notable, with markets moving from pricing in multiple rate cuts earlier to now factoring in a pause and even a small probability of a rate hike in upcoming Federal Reserve meetings.

This follows the Fed’s recent decision to hold rates steady while highlighting inflation risks, alongside similar hawkish signals from the ECB and BOE, whille the RBA has already hiked rates. Overall, the transition from rate cuts to potential hikes amid persistent inflation fears has significantly pressured gold prices despite ongoing geopolitical uncertainty, says Manav Modi Commodities Analyst Motilal Oswal Financial services Ltd.

Gold and silver ETFs crashed up to 20 per cent on Monday, as escalating tensions in the Middle East and inflation worries triggered by rising crude oil prices reinforced expectations of higher global interest rates.

Among the 18 silver ETFs, Kotak Silver ETF recorded the steepest fall, dropping around 20 per cent to an intraday low of Rs 17.77 from its previous close of Rs 22.31. Axis Silver ETF and Bandhan Silver ETF each declined by around 11 per cent. Edelweiss Silver ETF also saw a significant drop of 10 per cent, touching a low of Rs 209.43 during the session. The remaining ETFs in the segment registered declines of about 9 per cent each.

In global markets, gold extended its losses, falling more than 2 per cent on Monday and nearing a four-month low. Spot gold declined 2.5 per cent to $4,372.86 per ounce as of 0238 GMT, marking its ninth consecutive session of decline and hitting its lowest level since January 2. The metal had already dropped over 10 per cent in the previous week. Spot silver also followed the downward trend, easing 3.2 per cent to $65.61 per ounce.

Last week, gold registered its sharpest weekly fall in 43 years, declining by more than 10 per cent and settling below $4,500 per troy ounce in the spot market on Friday.

Gold and silver prices witnessed a steep decline at the opening of trade on the Multi Commodity Exchange (MCX) on Monday, as escalating tensions in the Middle East and inflationary pressures linked to higher crude oil prices reinforced expectations of elevated global interest rates.

Silver futures on the MCX, expiring in May 2026, dropped by Rs 13,606, or 6 per cent, to Rs 2,13,166 per kilogram. Gold futures for April 2026 delivery also saw a sharp fall, slipping Rs 7,115, or 5 per cent, to Rs 1,37,377 per 10 grams.

Among other precious metals, spot silver declined 3.2% to $65.61 per ounce. Platinum fell 2.9% to $1,866.65, while palladium edged down 0.5% to $1,397.25.

Expectations of a US Federal Reserve rate hike have strengthened significantly, with interest rate futures now indicating a higher likelihood of a hike than a cut this year. According to the CME FedWatch tool, markets are pricing in roughly a 27% probability of a rate increase by December.

Asian stock markets moved lower while crude oil prices remained above $110 per barrel, as investors assessed the escalating rhetoric between the US and Iran over potential attacks on energy assets.

The disruption around the Strait of Hormuz has kept oil prices elevated, fuelling inflation through increased transportation and production costs. Although inflation typically supports gold as a hedge, elevated interest rates tend to dampen demand for the non-yielding metal.

Tim Waterer, chief market analyst at KCM Trade told Reuters that with the Iran conflict entering its fourth week and oil prices hovering around the $100 mark, market expectations have shifted away from interest rate cuts towards the possibility of hikes, reducing gold’s attractiveness from a yield perspective.

Waterer noted that gold’s high liquidity has worked against it during the current risk-off environment, as sharp declines in Asian equity markets have triggered further unwinding of long positions in the metal.

Gold prices declined by over 2% on Monday, deepening their fall to nearly a four-month low, as intensifying tensions in the Middle East heightened concerns over inflation and reinforced expectations of tighter global interest rates.

Spot gold dropped 2.5% to $4,372.86 per ounce as of 0238 GMT, marking its ninth straight session of losses. Earlier in the day, the metal touched its lowest level since January 2 and had already shed more than 10% over the previous week.

In the futures market, US gold contracts for April delivery slid 4.4% to $4,375.60.

Pranav Mer, Vice President, EBG - Commodity & Currency Research at JM Financial Services Ltd, said gold could stabilise and see a modest rebound in the near term before making a decisive move in either direction.

Mer noted that the downward trend in gold persisted through last week, with prices slipping below Rs 1.45 lakh per 10 grams, marking an overall drop of around 9–9.5 per cent.