On March 31, 2026, gold prices rose slightly on the back of mild easing in crude oil prices and a weaker US dollar amid the geopolitical tensions in the Middle East. Commodity markets in India will be opened for a half-day session due to Mahavir Jayanti, which resulted in a relatively subdued domestic trading environment.
Gold 2nd April futures are at Rs. 1,45051 per 10 grams with 0.41% decline on Multi-Commodity Exchange (MCX), while Silver May contract trades at Rs. 2,29,033 per kg with 0.03% gain.
According to GoodReturns, gold prices in India moved higher in major cities. The price of 24K gold stood at Rs. 14,929 per gram, while 22K gold was priced at Rs. 13,685 per gram and 18K gold at Rs. 11,197 per gram, respectively, reflecting an increase of Rs. 103, Rs. 95, and Rs. 78 per gram, respectively.
Among the major cities, Chennai continued to trade at a premium with 24K gold at Rs. 15,023 per gram, with Mumbai, Kolkata, Bangalore, and Hyderabad remaining aligned at Rs. 14,929 per gram. The prices in Delhi and western markets like Ahmedabad and Vadodara were found to be at relatively lower levels, thus pointing to some regional differences.
US gold prices traded higher on Tuesday, 31 March 2026, backed by a lower value of the dollar. However, that value seems to be poised for its worst month in over 17 years, as higher energy prices reduce the hopes of an interest rate cut this year.
Spot gold rose 0.8% to $4,544.19 per ounce. US gold futures for April delivery gained 0.3% to $4,573.20. The US dollar eased, making greenback-denominated commodities more affordable for holders of other currencies.
However, prices are up about 5% so far this quarter. Spot silver rose 1.2% to $70.81 per ounce, spot platinum gained 0.1% to $1,901.95, and palladium was up 1.1% at $1,421.45. However, upside remains capped as markets price in tighter monetary policy. Dan Gold, a non-yielding asset, continues to lose value as the US Federal Reserve is expected to raise interest rates.
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The short-term forecast remains bearish despite the recent price increase. The prices currently sit just below the 38.2% Fib level at $4,592 and the 100-day simple moving average, which acts as resistance at $4,637. A sustained close above this level may take prices toward $4,747.
The immediate support level appears at $4,470, while the 23.6% retracement level shows support at $4,401. The price will proceed to lower levels if it breaks this level, leading to a decline toward the $4,200-$4,150 zone with the 200-day SMA rising to $4,129 serving as strong support.
The RSI stands at 41 while the MACD maintains its position in negative territory without showing strong potential for upward movement.