.png){kind=logo}
Gold prices declined sharply on 23 March 2026 and it highlights an increased volatility in bullion markets. The decline comes along with rising fears around inflation and expectations of tighter monetary policy which weigh on investor sentiment.
Gold April futures declined 4.84% to Rs. 1,37,501 per 10 grams on Multi-Commodity Exchange while Silver May contract backed 5.61% to 2,14,045 per kg.
The price of 24K gold decreased by Rs. 595 in early trade with ten grams of precious metal trading at Rs. 1,40,020. The price of 22K gold also decreased by Rs. 545 with ten grams of yellow metal selling at Rs. 1,28,350.
The price of ten grams of 24K gold stood at Rs. 1,40,020 in Mumbai and Kolkata and Rs. 1,41,280 in Chennai. In Delhi the price of 10 grams of 24K gold was Rs. 1,40,170.
The domestic fall is a reflection of global trends. Gold prices have extended their downward streak to a ninth consecutive session. Spot gold declined to around $4,340 per ounce, marking a four-month low, while US gold futures dropped nearly 5%.
Silver prices also weakened across the world. Prices fell to around $65 per ounce as investors exited precious metals due to changing macroeconomic expectations.
The sharp correction in bullion prices is largely driven by rising concerns around inflation arising from the ongoing US-Iran conflict. Crude oil prices continue to stay above $110 per barrel, further increasing fears of persistent inflation across economies across the world.
Market expectations for monetary policy have also shifted significantly. According to recent data, the probability of US Federal Reserve rate hike in June 2026 has risen to 22% and it is up from 15% a week ago.
Higher interest rates reduce the appeal of gold and silver, as these assets do not offer yields compared to fixed-income instruments.
Also Read: Gold Posts Sharp Weekly Loss as War and Rate Fears Hit Safe-Haven Demand
On MCX, gold may find support at Rs. 1,33,000-Rs. 1,30,000 levels, while resistance is seen at Rs. 1,40,000-Rs. 1,44,000 levels. While silver is likely to find support at Rs. 2,00,000-Rs. 1,85,000 levels and resistance at Rs. 2,26,000-Rs. 2,40,000 levels.
Support for gold is seen at the $4,116 level internationally while it may face resistance at the $4,480 level.
