Gold, Silver Rate Today (Mar 9) – Live Updates: Gold slides below Rs 1.61 lakh, silver drops over 1% as global bullion weakens

Gold and silver extended their decline in the domestic futures market on March 9 as of 17:53 IST, tracking weakness in international bullion prices. MCX gold was at Rs 1,60,638 per 10 grams, down Rs 996 or 0.62% from the previous close of Rs 1,61,634.

MCX silver also remained under pressure, trading at Rs 2,64,700 per kg, falling Rs 3,585 or 1.34% compared with the previous close of Rs 2,68,285.

In the international market, Comex gold was trading 1.04% lower at $5,105.10 per ounce, while Comex silver declined 0.57% to $83.83 per ounce, reflecting continued profit-taking and cautious sentiment in the precious metals market.

Gold prices remained under pressure and continued to move within a narrow range as global macroeconomic and geopolitical factors shaped market sentiment. According to Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities, international gold traded slightly weaker near $5,100, down around 1.5%, while MCX gold slipped about Rs 700 to Rs 1,60,900.

Trivedi noted that rising inflation concerns amid ongoing war-related risks are making the Federal Reserve cautious about cutting interest rates, which is limiting fresh upside momentum in bullion.

He added that as a result, gold has been moving sideways in recent sessions, with markets balancing geopolitical uncertainty and expectations around US monetary policy. For now, MCX gold is expected to trade in a range of Rs 1,58,000 to Rs 1,64,000, with developments related to global conflicts and interest-rate signals likely to remain key drivers for the precious metal.

Silver prices have corrected alongside gold as shifting global macroeconomic conditions weigh on the precious metals complex, according to Aksha Kamboj, Vice President of the India Bullion & Jewellers Association and Executive Chairperson of Aspect Global Ventures.

Kamboj said concerns about inflation have resurfaced due to a strengthening US dollar and rising crude oil prices, which have reduced expectations that the Federal Reserve will cut interest rates in the near term. As a result, investors are reassessing their positions in precious metals, leading to short-term selling pressure across the bullion market.

She added that silver’s dual role as both a precious and industrial metal means it often tracks gold’s direction, particularly during periods of macroeconomic volatility. The current price decline, therefore, reflects a broader market readjustment rather than a structural change in long-term demand for silver.

Market sentiment this week is expected to be shaped by a combination of macroeconomic developments, geopolitical tensions and regulatory uncertainty, according to Justin Khoo, Senior Market Analyst – APAC at VT Markets.

Khoo noted that the US Dollar Index has already gapped higher, with markets watching whether it can move beyond 99.631 and potentially test 100.321 if bullish momentum continues. Dollar strength has also supported USD/JPY, which is currently testing the 158.60 level, a key technical zone that could determine whether the pair advances toward 159.447.

He added that broader markets may remain volatile as the ongoing conflict involving Iran continues to influence risk sentiment and commodity prices. In particular, US oil prices have already broken above the $100 mark, reflecting supply concerns tied to geopolitical tensions.

On the macro front, attention will turn to upcoming US Consumer Price Index (CPI) data, which is expected to come in at 2.5% year-on-year, slightly higher than the previous 2.4% reading. Khoo said that a combination of a weakening labour market and rising inflation could create a challenging environment for the US economy.

In the commodities space, gold appears to be consolidating, he noted. However, if prices break above 4,996.04, markets should monitor the upside momentum closely, while a move below 4,842 could trigger additional selling pressure.

Gold and silver continued to trade lower in the domestic futures market on March 9 as of 15:43 IST, tracking weakness in global bullion prices. MCX gold was at Rs 1,60,920 per 10 grams, down Rs 714 or 0.44% from the previous close of Rs 1,61,634.

MCX silver also declined, trading at Rs 2,64,946 per kg, falling Rs 3,339 or 1.24% compared with the previous close of Rs 2,68,285.

In the international market, bullion prices were also under pressure. Comex gold was trading 0.82% lower at $5,116.20 per ounce, while Comex silver slipped 0.45% to $83.93 per ounce, reflecting cautious sentiment and profit-taking in global precious metals.

Geopolitical risks from the escalating Middle East conflict are currently being reflected more strongly through energy prices and interest-rate expectations rather than gold, according to the Augmont Bullion Report published on March 9. Rising oil prices linked to tensions in the Gulf have revived inflation concerns, prompting investors to reassess the timeline for US monetary easing.

Data from the CME Group’s FedWatch Tool indicates that the probability of the Federal Reserve keeping rates unchanged at its June meeting has climbed to around 69%, up from 43% a week earlier. Higher interest rates typically act as a headwind for gold because they increase the opportunity cost of holding non-yielding assets.

The report noted that while geopolitical tensions remain elevated, broader financial stress indicators have so far remained relatively contained. This suggests markets are reacting cautiously—balancing conflict-driven risks with macroeconomic factors such as inflation, interest rates and liquidity conditions.

Gold and silver traded lower in the domestic futures market on March 9 as of 14:21 IST, tracking weakness in global bullion prices. MCX gold was at Rs 1,60,513 per 10 grams, down Rs 1,121 or 0.69% from the previous close of Rs 1,61,634.

MCX silver also declined sharply, trading at Rs 2,63,984 per kg, falling Rs 4,301 or 1.6% compared with the previous close of Rs 2,68,285.

In the international market, bullion prices also edged lower. Comex gold was trading at $5,100 per ounce, down 1.14%, while Comex silver slipped 0.71% to $83.71 per ounce, reflecting profit-taking and cautious sentiment in global precious metals markets.

Escalating tensions in the Middle East are testing investor sentiment, but the reaction in precious metals has been unusually complex. According to Renisha Chainani, Head of Research at Augmont, gold fell nearly 3% last week, while silver dropped almost 10%, even as geopolitical risks intensified.

The decline reflects typical crisis-driven trading behaviour, where investors often sell liquid assets to raise cash, meet margin calls or reduce overall risk exposure. Since both metals had rallied strongly earlier in the year, they became natural candidates for profit-taking. As a result, even traditional safe-haven assets are experiencing volatility while markets try to gauge the economic fallout of the Iran-Israel-US conflict.

The India Bullion & Jewellers Association (IBJA) pegged the standard price of gold (999 purity) at Rs 1,59,568 per 10 grams in its AM rate session on March 9, while gold (995 purity) was quoted at Rs 1,58,929 per 10 grams. Meanwhile, silver (999 purity) was priced at Rs 2,62,803 per kg.

Precious metal prices remain volatile amid the US, Israel, and Iran conflict, which continues to test investor sentiment.  Gold price declined 0.54 percent to Rs 1,60,757 per 10 grams, down 0.54 percent on March 9 (12:17 pm IST). Silver recovered some gains from its early low to trade at Rs 2,65,269 per kilogram, though a decline of 1.12 percent. Rate expectations and energy markets dominate the narrative, while the US economic signals add another layer of complexity, even as market volatility remains contained. Analysts maintain that the current environment reflects a market that is uncertain but not panicked.

The Augmont Bullion report, published on March 9, noted that though gold declined nearly 3 percent last week and silver dropped close to 10 percent, precious metals remain supportive amid the uncertainty of war in West Asia that continues to test investor sentiment. Gold prices are expected to move towards $5,250 (Rs 1.65 lakh) and $5,300 (Rs 1.67 lakh) in the near term. Silver's next upside target is around $90 (Rs 2.82 lakh), while strong support is seen near $80 (Rs 2.55 lakh). "Any short-term corrections could attract fresh buying interest."

Precious metal prices recovered marginally from early lows, though continue to trade in the negative territory. Gold prices traded 0.18 percent lower at Rs 1,61,338 per 10 grams, from the previous close on MCX, as of 11:22 am IST. Silver recovered from Rs 2,60,743 to Rs 2,65,444 per kilogram, though representing a decline of 1.06 percent.  The decline comes even as the conflict involving Iran, Israel, and the US continues to escalate. Oil prices surged nearly 23 percent after a few hours of opening the trade on Monday, driving the dollar close to 92.50 against the rupee.

Silver price tumbled 2.35 percent to Rs 2,61,990 per kilogram on March 9, wiping off Rs 6,295 from the previous close on MCX. Gold held its position at Rs 1,60,345, though a decline of 0.8 percent. Analysts pinned the decline mainly on a surge in oil prices, which has driven the dollar to rise.

Precious metal prices continue to trade in a negative zone on MCX. Gold futures price was hovering just above Rs 1.60 lakh per 10 grams, which is 0.75 percent decline from the previous close, while silver declined 1.22 percent to just above Rs 2.65 lakh per kilogram. Commodity analysts say that oil prices have started the week nearly 20 percent higher, driven by the ongoing conflict involving the US, Israel, and Iran. The surge in oil prices has weighed heavily on both equities, gold, and cryptocurrency.

Gold and silver prices fell in early trade on March 9, as the escalating US-Israel-Iran conflict drove up oil prices and strengthened the dollar.

The domestic gold futures on MCX opened the Monday session 0.83 percent lower at Rs 1,60,293 per 10 grams of 24-carat purity, while silver declined 1 percent to Rs 2,65,590 per kilogram. The international spot gold was trading 1.70 percent lower at $5,071.20 per ounce from the previous close during the early trade. Comex silver spot fell 4.25 percent at $80.89 per ounce during the early trade on Comex.

The spot price of gold was slightly up from early trade, hovering at $5,098.30 per ounce, though still a decline of 1.17 percent from the previous close. Silver recovered some of its gains to trade at $82.74, representing a loss of 1.86 percent. The commodity market is expected to remain volatile as the dollar gains momentum amid rising oil prices driven by the US-Israel-Iran conflict.

Gold and silver prices fell in early trade on March 9, as the escalating US-Israel-Iran conflict drove up oil prices and strengthened the dollar. The international spot gold was trading 1.70 percent lower at $5,071.20 per ounce from the previous close. Silver spot fell 4.25 percent at $80.89 per ounce during the early trade on Comex. Domestic gold futures on MCX closed the previous session 0.03 percent lower at Rs 1,61,675 per 10 grams, while silver gained 0.11 percent to Rs 2,68,569 per kilogram.