Gold prices on the Multi Commodity Exchange (MCX) have taken a nosedive, opening 3% lower at ₹1,40,158 per 10 grams. This marks a stark contrast to prior expectations where prices were anticipated to stabilize amidst fluctuating global markets.

The decisive moment came when MCX gold hit a low of ₹1,33,352, slipping as much as ₹11,140, or 7.70%. Not only gold but silver also faced a significant downturn, with MCX silver price opening 4% lower at ₹2,17,702 per kg and crashing as much as 11.31% to ₹2,01,111 per kg.

As of 11:15 AM, MCX gold was trading lower by ₹10,896, or 7.54%, at ₹1,33,596 per 10 grams. Meanwhile, MCX silver was down by ₹24,117, or 10.63%, at ₹2,02,655 per kg. This rapid decline has left investors scrambling for answers as gold prices crashed more than 10% last week alone.

In March, MCX gold prices have plummeted approximately 15%, while silver rates have dropped a staggering 25%. This downturn is not just a local phenomenon; it reflects sustained global weakness in precious metals, driven by geopolitical tensions and rising crude oil prices.

Experts are weighing in on the situation. Jigar Trivedi notes that MCX gold may find support at ₹1,33,000 – ₹1,30,000 levels, while resistance is seen at ₹1,40,000 – ₹1,44,000 levels. Ajay Kedia adds, “The overall trend for gold prices remains negative, and investors can sell on rise from these levels.”

The sharp decline in gold prices is closely linked to escalating geopolitical tensions, particularly the ongoing conflict involving the United States and Iran. Higher oil prices are also contributing to the situation, increasing production and transportation costs globally, which feeds into broader inflation.

As the market adjusts to these new realities, the probability of a rate hike at the upcoming June 2026 Federal Reserve meeting has risen to approximately 22%. This adds another layer of complexity for investors navigating the current landscape of gold and silver prices.

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Silver prices in India have been a topic of keen interest among investors and traders. Prior to March 19, 2026, expectations were relatively stable, with many anticipating a gradual increase in silver prices due to ongoing industrial demand and a favorable market environment.

However, the decisive moment arrived on March 19, when silver prices fell significantly, dropping over 5% in intraday trade. This sharp decline caught many by surprise, as the 1kg silver price plummeted to ₹2,35,000, while 100g and 10g prices adjusted to ₹23,500 and ₹2,350, respectively. In major cities like Delhi and Mumbai, the prices were slightly higher, with Delhi reporting ₹2,36,000 for 1kg, and Mumbai at ₹2,35,500.

The immediate effects of this price drop have been felt across the market. Investors who had recently purchased silver are now facing losses, while those looking to buy are presented with a more attractive entry point. The decline has also raised concerns among traders about the future trajectory of silver prices, especially in light of the fluctuating global economic landscape.

Experts attribute this sudden shift to a mix of global and domestic factors. Rising crude oil prices, a strong US dollar, and uncertainty in industrial demand have all contributed to the downturn. As a result, many analysts are reevaluating their forecasts for silver, suggesting that the market may remain volatile in the coming weeks.

In Delhi, silver prices stood at ₹2,36,000 for 1kg, ₹23,600 for 100g, and ₹2,360 for 10g. Meanwhile, in Chennai, prices were notably higher, with 1kg silver priced at ₹2,45,000. This disparity across regions indicates varying demand and supply dynamics, which could further complicate market predictions.

As the situation unfolds, investors are advised to stay informed and consider the broader economic indicators that could influence silver prices. The current market sentiment is cautious, with many opting to hold off on purchases until a clearer trend emerges.

Details remain unconfirmed, but the overall sentiment in the silver market suggests a period of adjustment as stakeholders react to these recent developments. The coming days will be crucial for determining whether this price drop is a temporary blip or the start of a more prolonged downturn.

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