“MCX gold price has fallen 15% in March so far, while MCX silver rate has dropped 25% so far in this month,” stated Jigar Trivedi, a market analyst. This stark observation comes as the gold market grapples with unprecedented volatility, driven by a combination of geopolitical tensions and inflationary pressures.
On March 23, 2026, the MCX gold rate opened at ₹1,40,158 per 10 grams, reflecting a 3% decrease from previous levels. The situation worsened as the price plummeted to a low of ₹1,33,352, marking a staggering drop of ₹11,140, or 7.70%. Such fluctuations are alarming for investors who have seen gold prices crash more than 10% just last week.
In parallel, the MCX silver price mirrored this downturn, opening 4% lower at ₹2,17,702 per kg. It subsequently crashed by as much as 11.31%, reaching a low of ₹2,01,111 per kg. At 11:15 AM, the MCX gold price was trading lower by ₹10,896, or 7.54%, at ₹1,33,596 per 10 grams, while the silver price fell by ₹24,117, or 10.63%, to ₹2,02,655 per kg.
The backdrop to this financial turmoil is the escalating US-Iran war, which has intensified inflation concerns as crude oil prices remain elevated. Investors are increasingly wary, and the overall trend for gold prices appears negative. Ajay Kedia, another market expert, advised, “The overall trend for gold prices remains negative, and investors can sell on rise from these levels.”
Spot gold prices also saw a decline, falling 2.5% to $4,372.86 per ounce, further indicating a bearish sentiment in the market. The continuous drop in both gold and silver prices raises questions about the future of these precious metals as safe-haven assets amid rising economic uncertainties.
As the market continues to react to these developments, investors are left navigating a landscape marked by significant risk and volatility. With gold and silver both experiencing unprecedented declines, the coming days will be crucial for market participants seeking to understand the implications of these shifts.
Details remain unconfirmed regarding the long-term impact of the ongoing geopolitical tensions on commodity prices, but the immediate outlook suggests caution among investors.
