Silver drops Rs 5,000/kg, gold slides marginally as rising crude prices and rate hike fears dent mood. What should you do?

Gold and silver prices opened lower on the Multi Commodity Exchange (MCX) on Thursday after minutes from the US Federal Reserve’s March 17-18 meeting showed that a growing number of policymakers favour further rate hikes to bring inflation closer to the 2% target, particularly amid risks linked to the Iran war.

On the domestic front, MCX silver futures for May 2026 delivery plunged Rs 4,785, or 2%, to Rs 2,35,133 per kg. Gold futures for June 2026 delivery declined Rs 1,229, or 0.8%, to Rs 1,50,647 per 10 grams.

Investors remained cautious as they awaited greater clarity on the U.S.–Iran ceasefire. Uncertainty over its durability, along with Israel’s actions against Hezbollah in Lebanon and Iran’s targeting of regional energy infrastructure, continues to weigh on sentiment.


Market participants are now closely tracking upcoming data releases, including the Personal Consumption Expenditures (PCE) data for February and weekly jobless claims, which could offer further cues on the Federal Reserve’s policy path.

In international markets, gold prices were largely steady on Thursday. Spot gold was nearly unchanged at $4,715.42 per ounce as of 0052 GMT, while U.S. gold futures for June delivery slipped 0.8% to $4,739.20. Among other precious metals, spot silver declined 0.4% to $73.83 per ounce.

How should you trade gold?

Jigar Trivedi of IndusInd Securities said gold June futures on the MCX, from a technical perspective, have strong support near Rs 1,50,000 per 10 grams, with resistance around Rs 1,53,000 per 10 grams. The overall bias remains positive.

Gold remained steady around the $4,700 per ounce mark following a volatile phase, as markets tracked developments around the fragile Middle East ceasefire. Intermittent tensions and uncertainty over the reopening of the Strait of Hormuz kept investors cautious. Reports from Iranian media suggested tanker movement through the strait had been halted after Israeli strikes in Lebanon, while a senior Iranian official indicated that three terms of the ceasefire had already been breached.

At the same time, US Vice President JD Vance signalled early signs that the strait could reopen, as he leads diplomatic efforts in Islamabad aimed at direct engagement with Iran. Oil prices saw a mild recovery, while a stronger dollar and rising bond yields continued to weigh on gold.

Gold rates in physical markets

Gold price today in Delhi

Standard gold (22 carat) prices in Delhi stand at Rs 1,12,928 per 8 grams, while pure gold (24 carat) prices are at Rs 1,23,184 per 8 grams.

Gold price today in Mumbai

Standard gold (22 carat) prices in Mumbai stand at Rs 1,12,808 per 8 grams, while pure gold (24 carat) prices are at Rs 1,23,064 per 8 grams.

Gold price today in Chennai

Standard gold (22 carat) prices in Chennai stand at Rs 1,13,608 per 8 grams, while pure gold (24 carat) prices are at Rs 1,23,936 per 8 grams.

Gold price today in Hyderabad

Standard gold (22 carat) prices in Hyderabad stand at Rs 1,12,808 per 8 grams, while pure gold (24 carat) prices are at Rs 1,23,064 per 8 grams.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)