New Delhi: Precious metals continued their downward slide in domestic markets on Monday, mirroring weakness in international bullion prices as gold hit a nearly four-month low amid persistent global pressures.
Spot gold in the international market extended its losses, falling over 3 per cent to around $4,340 per ounce and marking its ninth consecutive session of decline. US gold futures also recorded steep drops, while silver mirrored the trend, shedding more than 3 per cent in global trade.
On the Multi Commodity Exchange (MCX), gold opened with a 5 per cent cut, and silver saw a 6 per cent decline at the start of trading. According to market data, the price of 24-carat gold in India slipped by Rs 10 to Rs 1,45,960 per 10 grams, while 22-carat gold also declined by Rs 10 to Rs 1,33,790 per 10 grams. Silver prices fell more significantly, dropping Rs 100 to Rs 2,44,900 per kg.
The decline in bullion is primarily driven by global factors, including rising crude oil prices fueling inflation concerns, expectations of sustained higher interest rates reducing gold’s appeal as a non-yielding asset, a stronger US dollar making it costlier for overseas buyers, and elevated bond yields. Escalating geopolitical tensions in the Middle East, particularly threats related to the Strait of Hormuz, have added to market volatility, though these have not bolstered safe-haven demand for gold and silver in the current environment.
City-wise rates on March 23, 2026, showed minor variations due to local taxes and premiums:
- In Mumbai, Kolkata, Bengaluru, Hyderabad, Kerala, and Pune: 24-carat gold at Rs 1,45,960 per 10 grams; 22-carat at Rs 1,33,790 per 10 grams.
- In Delhi: 24-carat gold at Rs 1,46,110 per 10 grams; 22-carat at Rs 1,33,940 per 10 grams.
- In Chennai: 24-carat gold at Rs 1,48,570 per 10 grams; 22-carat at Rs 1,36,190 per 10 grams.
Silver quoted at Rs 2,44,900 per kg in most major cities like Delhi, Mumbai, and Kolkata, with Chennai higher at Rs 2,49,900 per kg.
Investors are closely monitoring developments in crude oil prices, US Federal Reserve signals on interest rates, ongoing Middle East geopolitical issues, and trends in the US dollar and bond yields for cues on the near-term trajectory of gold and silver.
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