Gold, Silver Rates Today (Mar. 23) – MCX gold falls to Rs 1.38 lakh, down over 4%, silver declines nearly 3.6% amid weak global cues

At 17:39 IST on March 23, bullion prices edged lower again after a brief recovery, tracking continued weakness in global markets. On the MCX, gold declined Rs 6,348, or 4.39%, to Rs 1,38,144 per 10 grams from the previous close of Rs 1,44,492. Silver fell Rs 8,123, or 3.58%, to Rs 2,18,649 per kg compared to Rs 2,26,772 earlier. In international markets, Comex gold was down 2.47% at $4,492.00 per ounce, while Comex silver dropped 4.78% to $67.810, reflecting persistent selling pressure in precious metals.

At 16:40 IST on March 23, bullion prices trimmed some losses but remained under pressure. On the MCX, gold fell Rs 5,276, or 3.65%, to Rs 1,39,216 per 10 grams from the previous close of Rs 1,44,492. Silver declined Rs 8,046, or 3.55%, to Rs 2,18,726 per kg compared to Rs 2,26,772 earlier, indicating partial recovery after the sharp earlier sell-off.

Augmont noted that despite the recent sharp fall, gold and silver remain in a broader structural bull market. The correction was intensified by technical breakdowns and unwinding of crowded trades, but both metals have shown signs of rebound near key support levels. While near-term upside may remain capped due to a strong dollar and elevated yields, factors like central bank buying, geopolitical risks, and global fiscal concerns are expected to support prices over the long term.

Gold and silver saw a steep correction last week, with gold down ~11% and silver ~15%, marking the sharpest weekly fall in years, according to Augmont Bullion report published on March 23. According to the report, the sell-off was largely driven by liquidity pressures, with institutional investors and Gulf entities liquidating positions to raise cash. A stronger US dollar, triggered by these flows, added further pressure. At the same time, hawkish central bank expectations and rising real yields reduced the appeal of non-yielding assets like gold, accelerating the decline.

At 14:14 IST on March 23, bullion prices came under heavy selling pressure, tracking weak global cues. On the MCX, gold plunged Rs 10,037, or 6.95%, to Rs 1,34,455 per 10 grams from the previous close of Rs 1,44,492. Silver fell Rs 17,269, or 7.62%, to Rs 2,09,503 per kg compared to Rs 2,26,772 earlier. In international markets, Comex gold declined 2.47% to $4,492.00 per ounce, while Comex silver dropped 4.78% to $67.810, reflecting broad-based weakness in precious metals.

IBJA gold prices declined sharply in the morning session on March 23, with 24K (999 purity) gold quoted at Rs 1,35,141 per 10 grams, while 22K (995 purity) gold stood at Rs 1,34,600 per 10 grams. Silver (999 purity) was priced at Rs 2,01,500 per kg. The latest IBJA rates indicate a significant correction in domestic bullion prices, tracking weakness in global markets and recent heavy selling pressure.

Precious metals have been on a losing streak since the early March 23 trade, which reportedly wiped nearly $2 trillion in market value within hours, as investors rushed to book profits. Domestic futures gold price on MCX fell 6.5 percent to Rs 1,35,100 per 10 grams, and silver edged 8.97 percent lower to Rs 2,06,441 per kilogram, as of 11:50 IST. International spot gold also traded lower in the early Comex trade. Gold declined 2.47 percent to $4,492 an ounce, and silver declined 4.78 percent to just above $67 per ounce. (Read here for more)

Precious metals saw nearly $2 trillion wiped from the market value within hours, as investors rushed to book profits. Domestic futures gold price on MCX fell 6.5 percent to Rs 1,35,100 per 10 grams, and silver edged 8.97 percent lower to Rs 2,06,441 per kilogram, as of 11:50 IST.

Bullion is on a losing streak. Domestic futures gold declined 5.64 percent to Rs 1,36,344 per 10 grams of 24-carat purity. Silver futures dropped 7.88 percent to Rs 2, 08,896 per kg. Commodity analysts maintain that precious metals remain under pressure as stronger US producer inflation and a firm dollar outweigh safe-haven demand from Middle East tensions. Elevated dollar continues to cap upside, keeping sentiment weak despite geopolitical risks.

Precious metals continue to trade in negative territory on March 23, following a surge in the US dollar, which is hovering above 93.50 against the rupee. Domestic gold futures on MCX traded at Rs 1,37,394 per 10 grams, down 4.91 percent. Silver futures declined 5.52 percent to Rs 2,14,262 per kilogram (10:20 IST). International spot prices for bullion were also trading lower in early Comex trade. Spot gold was down 2.47 percent to $4,492 an ounce, and silver dipped 4.78 percent to $67 per ounce.

Precious metals continue their downward trajectory on March 23. Domestic gold futures on MCX traded at Rs 1,37,700 per 10 grams, down 4.7 percent and silver slipped 5.6 percent to Rs 2,14,078 per kilogram (9:43 IST). International spot prices for bullion were also trading lower in early Comex trade. Precious metal prices declined as tensions linked to the Iran conflict continue to disrupt oil prices and support the US dollar.

Bullions opened the MCX session on Monday lower amid tensions over the Iran war. The domestic futures price of gold traded 5.08 percent lower to Rs 1,37,159 per 10 grams of 24-carat purity, while silver declined 6 percent to Rs 2,13,166 per kilogram. Bullions traded lower amid tensions linked to the Iran conflict that continue to disrupt nearly a quarter of global oil consumption, boosting crude prices and supporting the US dollar.

The international spot gold traded 2.47 percent lower to $4,492 an ounce, while silver edged 4.78 percent down to just above $67 per ounce on Comex. MCX futures gold closed the March 20 session 0.23 percent higher at Rs 1,44,825 per 10gm, while silver declined 1.72 percent to Rs 2,27,470 per 1 kg from its previous close.