Precious metals traded weakly on Thursday, 19 March, 2026 as investors reacted to the US Federal Reserve’s latest policy decision and rising geopolitical tensions in the Middle East. Domestic prices also reflected the cautious mood, with MCX gold hovering near Rs. 1.52 lakh per 10 grams and silver slipping below Rs. 2.45 lakh per kg.
Gold and silver declined in early trade after the US Federal Reserve chose to keep benchmark interest rates unchanged for the second straight meeting. The central bank had earlier delivered three consecutive 0.25% rate cuts in late 2025.
The markets responded to the comments from Fed Chair Jerome Powell, who said that the Fed needs to observe clearer indications of inflation reduction before it lowers interest rates. The rising oil prices from the Middle Eastern conflict brought additional inflationary pressures, which resulted in a stronger dollar. The stronger dollar creates disadvantages for bullion because it makes gold and silver more expensive for international customers.
In international markets, spot gold traded near $4,836 per ounce, down over 1%, while silver fell more than 2% to around $75.75 per ounce.
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On the Multi Commodity Exchange (MCX), gold opened lower at around Rs. 1,51,941 per 10 grams and briefly slipped to Rs. 1,51,712 in early trade. Silver also started weak at about Rs. 2,45,000 per kg and touched an intraday low near Rs. 2,43,786.
Technical analysts note that gold faces resistance around Rs. 1,58,000, while immediate support lies in the Rs. 1,52,000–Rs. 1,50,000 zone.
Market players expect prices to be volatile, with traders watching global markets, crude oil, and currency movements.
The festive season, starting with Gudi Padwa and Chaitra Navratri, may boost physical demand in India. Industry experts believe that high prices have resulted in responsible buying, with investors increasingly looking at coins, bars, ETFs, and digital gold, along with jewellery.
Retailers’ sentiments indicate that the demand for gold may remain firm during this period, with households perceiving it as a festive and hedging product.
Analysts suggest investors should adopt a cautious approach in trading the metals in the near term, with a focus on support levels and global macro events.