Gold prices today witnessed a sharp decline amid ongoing geopolitical tensions. Weakening hopes for interest rate cuts from the Federal Reserve and an increase in crude oil prices triggered selling pressure across precious metals.
On Multi-Commodity Exchange (MCX), Gold April futures are trading at Rs. 1,57,275 per 10 grams with 0.75% decline, recovering from earlier Rs. 1,56,655 per 10 grams. Silver May futures are trading at Rs. 2,56,190 per kg with 1.25% decline, recovering from Rs. 2,55,106 per kg.
The price of 24K gold decreased by Rs. 49 in early trade, with ten grams of precious metal trading at Rs. 1,59,170. The price of 22K gold also declined by Rs. 45, with ten grams of yellow metal selling at Rs. 1,45,900.
The price of ten grams of 24K gold stood at Rs. 1,59,170 in Mumbai and Kolkata and Rs. 1,61,010 in Chennai. In Delhi, the price of 10 grams of 24K gold was Rs. 1,59,300.
The ongoing US-Iran conflict, which started on 28 February 2026, has entered its third week. This continues to disrupt oil supply across the world with the closure of the Strait of Hormuz.
Brent crude oil prices continue to be above $100 per barrel. This rise continues to raise concerns about inflation in all nations.
Higher energy prices also increase the pressure of inflation across economies. This, in turn, reduces any expectations of major central banks cutting down interest rates.
Market participants are now widely expecting the US Federal Reserve to maintain its current policy rate during its upcoming March 18 2026 meeting.
Recent US economic data show that the growth of GDP in the US for the fourth quarter was revised down to 0.7%. This figure is significantly lower than the earlier estimate of 1.4%. This signals an overall slowdown in economic momentum.
The Personal Consumption Expenditures (PCE) price index rose 0.3% in January 2026, with annual inflation recorded at 2.8%, indicating that price pressures remain elevated.
Also Read: Why Investors Buy Gold During Economic Uncertainty
On MCX, gold has support at Rs. 1,57,200 and Rs. 1,55,500 and resistance at Rs. 1,59,800 and Rs. 1,61,100, while silver has support at Rs. 2,55,500 and Rs. 2,48,800 and resistance at Rs. 2,63,000 and Rs. 2,67,700.
Internationally, gold has support at $5,015 and $4,974, while resistance is at $5,100 and $5,145 per troy ounce, and silver has support at $78.00 and $74.40, while resistance is at $84.00 and $86.40 per troy ounce.