New Delhi, March 23, 2026
Gold and silver prices plummeted further on Monday, over profit‑taking, a stronger US dollar and rising real yields.
MCX gold April futures lost 6.91 per cent to Rs 1,34,506 per 10 grams around 3.30 pm on an intraday basis. Meanwhile, MCX silver May futures declined 8.84 per cent to Rs 2,06,716 per kg.
Analysts said that the sharp selloff has wiped off roughly $2 trillion in market value within hours, due to strong profit booking.
The US dollar strengthened 0.45 per cent on an intraday basis as the USD index climbed to 100.10, making dollar‑priced bullion expensive for holders of other currencies. Rupee also fell 33 paise to fresh all-time low of 93.86 against US dollar on Monday.
International spot gold traded notably lower as Comex Gold shed over 2.4 percent to $4,492 an ounce, and silver dropped 4.7 percent to just above $67 per ounce.
Gold prices had earlier witnessed a much steeper decline on Monday, dropping by over 10 per cent to around Rs 1.29 lakh per 10 grams in the domestic futures market, but later regained.
Analysts noted that surging oil prices raised input costs and heightened recession fears among investors, which in turn caused expectations of a “higher‑for‑longer” rate environment. The possibility of higher rates pushed real yields up, reducing bullion’s appeal as an inflation hedge, they explained.
US President Donald Trump’s 48-hour deadline to Iran for fully opening the Strait of Hormuz was set to expire on Monday creating concerns among commodities traders. President Trump had warned that Iran’s power plants would be “obliterated” if the shipping lanes are not open.
Meanwhile, Iran’s administration has responded with threats to attack energy infrastructure of Gulf countries, adding that the Strait of Hormuz is not blocked and navigation continues in the waterway, with necessary measures being taken due to wartime conditions.
Market participants advised investors to avoid panic and continue their systematic investment plans (SIPs) and use market corrections as an opportunity to accumulate more units at lower prices.(Agency)
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