How it unfolded
On March 23, 2026, MCX gold rates opened with a staggering 3% drop at ₹1,40,158 per 10 grams. This alarming decline was just the beginning of a tumultuous day for gold investors.
As the morning progressed, MCX gold hit a low of ₹1,33,352, marking a significant slip of ₹11,140, or 7.70%. By 11:15 AM, the price was trading lower by ₹10,896, or 7.54%, at ₹1,33,596 per 10 grams. The market was in turmoil, reflecting broader economic concerns.
Silver also faced a harsh reality, opening 4% lower at ₹2,17,702 per kg and crashing as much as 11.31% to ₹2,01,111. The overall trend for precious metals was grim, with gold prices crashing more than 10% in the previous week alone.
March has been particularly brutal for gold, with prices falling 15% so far. The decline can be attributed to a mix of global and domestic factors, including escalating geopolitical tensions, particularly involving the United States and Iran.
Market analysts like Jigar Trivedi noted, “MCX gold price has fallen 15% in March so far, while MCX silver rate has dropped 25% so far in this month.” This sharp correction has left many investors reeling.
Looking ahead, the probability of a rate hike at the upcoming Fed meeting on June 17, 2026, has risen to approximately 22%. This potential shift in monetary policy could further impact gold prices, which typically have an inverse relationship with the dollar.
Despite the current downturn, experts believe that MCX gold prices may find support at levels between ₹1,33,000 and ₹1,30,000. Similarly, MCX silver is expected to find support at ₹2,00,000 to ₹1,85,000 levels.
The ongoing slide in gold prices has pushed them to their lowest levels since early January, raising concerns among investors about the future of their investments in precious metals. As the market continues to react to these developments, the overall sentiment remains negative, with calls for investors to consider selling on any rise from these levels.
