Gold prices started the session on Monday, March 9, 2026, on a weaker note as global bullion markets came under pressure from a strengthening US dollar and rising crude oil prices. The increase in the dollar index and US Treasury yields reduced investor demand for non-yielding assets such as gold.
On the Multi Commodity Exchange (MCX), gold futures for April delivery opened 0.6% lower at Rs. 1,60,651 per 10 grams. MCX silver futures for May delivery opened 0.29% lower at Rs. 2,67,497 per kilogram.
The price of 24K gold decreased by Rs. 196 in early trade, with ten grams of the precious metal trading at Rs. 1,61,680. The price of 22K gold also declined by Rs. 180, with ten grams of the yellow metal selling at Rs. 1,48,200.
The price of ten grams of 24K gold stood at Rs. 1,61,680 in Mumbai and Kolkata and Rs. 1,63,090 in Chennai. In Delhi, the price of ten grams of 24K gold stood at Rs. 1,61,830.
International bullion prices also declined sharply as the US dollar hovered near a three-month high. The US Dollar Index rose to around 99.695, making dollar-denominated metals more expensive for investors using other currencies.
At the same time, US 10-year Treasury yields climbed to a near one-month high, increasing the opportunity cost of holding non-interest-bearing assets like gold.
Globally, spot gold prices dropped about 2.5% to $5,041.89 per ounce, while US gold futures for April delivery slipped 2.1% to $5,049.40 per ounce.
Silver also saw losses, with spot silver prices declining nearly 4% to $80.99 per ounce.
The ongoing geopolitical tensions in the Middle East have added to market volatility. Escalating conflict between the United States and Iran raised concerns about potential supply disruptions in global energy markets.
Crude oil prices surged above $100 per barrel, fueling fears of higher inflation and pushing back expectations for interest rate cuts by the US Federal Reserve.
Higher inflation expectations often strengthen the dollar and bond yields, which tend to pressure gold prices in the short term.
According to market analysts, international gold prices may find support near $5,020 per ounce, while resistance is around $5,130.
On MCX, gold is expected to find support near Rs. 1,59,000 per 10 grams, while resistance is placed around Rs. 1,63,500.
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