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The price of 24K gold decreased by Rs. 294 in early trade, with ten grams of precious metal trading at Rs. 1,40,350. The price of 22K gold also decreased by Rs. 270, with ten grams of yellow metal selling at Rs. 1,28,650.
The price of ten grams of 24K gold stood at Rs. 1,40,350 in Mumbai and Kolkata, and Rs. 1,39,190 in Chennai. In Delhi, the price of 10 grams of 24K gold was Rs. 1,40,500.Gold prices declined sharply on 24 March 2026, highlighting an increased volatility in bullion markets. The decline comes amid signals of de-escalation of the US-Iran war in the Middle East. US President Donald Trump extended his deadline for Iran to reopen the Strait of Hormuz, and said that the US will hold off striking Iranian power plants for five more days.
Gold April futures declined 3.61% to Rs. 1,39,280 per 10 grams on Multi-Commodity Exchange, while Silver May contract backed 5.61% to 2,25,423 per kg.
Gold has fallen over 20% this month, while silver has declined about 33%, making it the sharpest fall for both precious metals since March 1980. From their recent highs, the prices of both gold and silver are down nearly 24% and 41%, respectively.
China’s official gold reserves have reached a record 2,309 tonnes, following a 16-month consecutive buying streak by the People's Bank of China (PBoC).
Higher demand for the yellow metal from China could lift the gold price, as China is the world's largest precious metal producer.
Also Read: What is XAUUSD? Meaning, Price, and How Gold Trading Works
On MCX, immediate support for Gold aligns with the February 11 low of $136,185. As Gold trades between the 100-day and 200-day Exponential Moving Averages (EMAs). If the price of gold falls below this crucial support, the low seen on Monday, 23 March 2026, at $129,595, close to the 200-day EMA at $129,356, could serve as a downside support. However, in the case of a rebound, the immediate resistance for gold is at the low registered on Friday, 20 March 2026, at $143,385, close to the 100-day EMA at $143,539. The broader trend shows a bearish breakout of a support trendline, indicating a downside bias.
In the international market, the yellow metal shows a broadly declining trend, approaching the crucial support at $4,274, marked by the low on December 31, 2025. This is close to the 200-day EMA at $4,221, providing another support cluster. However, if the following prices of gold clear this average, it could threaten the $4,000 psychological mark, testing the $3,886 support level marked by the low seen on October 28, 2025. On the upside, a potential rebound could test the $4,549 level marked by the high registered on December 26, 2025. For a sustained recovery, the value of gold would also have to surpass the 100-day and 50-day EMAs on the upside at $4,632 and $4,859, respectively.
