Gold prices extended losses for the eighth straight session, with 24K at ₹14,596 per gram as global sell-off deepens.
Gold and silver prices remained under pressure on Monday, March 23, mirroring global trends as escalating Middle East tensions and macroeconomic factors weighed on investor sentiment.
In India, gold prices stood at ₹14,596 per gram for 24 karat (99.9% purity), ₹13,379 per gram for 22 karat (91.6% purity), and ₹10,947 per gram for 18 karat (75% purity). Silver prices were at ₹244.90 per gram and ₹2,44,900 per kilogram, reflecting the broader weakness in precious metals.
Globally, COMEX gold prices fell 3% to $4,462 per ounce, extending losses after recording their worst weekly performance since 1983, with an overall drop of nearly 11%. Silver also declined sharply, falling 3% to $67.5 per ounce during Asian trading hours.
The decline comes despite heightened geopolitical tensions, which typically boost demand for safe-haven assets like gold. However, rising crude oil prices have triggered inflation concerns, reducing expectations of near-term interest rate cuts by the US Federal Reserve and other major central banks.
Gold and silver rates in major Indian cities on March 23, 2026
| City | 24K Gold (₹/g) | 22K Gold (₹/g) | 18K Gold (₹/g) | Silver (₹/10g) | Silver (₹/1kg) |
|---|---|---|---|---|---|
| Chennai | ₹14,857 | ₹13,619 | ₹11,359 | ₹2,499 | ₹2,49,900 |
| Mumbai | ₹14,596 | ₹13,379 | ₹10,947 | ₹2,449 | ₹2,49,900 |
| Delhi | ₹14,611 | ₹13,394 | ₹10,962 | ₹2,499 | ₹2,49,900 |
| Kolkata | ₹14,596 | ₹13,379 | ₹10,947 | ₹2,499 | ₹2,49,900 |
| Bangalore | ₹14,596 | ₹13,379 | ₹10,947 | ₹2,499 | ₹2,49,900 |
| Hyderabad | ₹14,596 | ₹13,379 | ₹10,947 | ₹2,499 | ₹2,49,900 |
| Kerala | ₹14,596 | ₹13,379 | ₹10,947 | ₹2,499 | ₹2,49,900 |
| Pune | ₹14,596 | ₹13,379 | ₹10,947 | ₹2,499 | ₹2,49,900 |
| Vadodara | ₹14,601 | ₹13,384 | ₹10,952 | ₹2,499 | ₹2,49,900 |
| Ahmedabad | ₹14,601 | ₹13,384 | ₹10,952 | ₹2,499 | ₹2,49,900 |
Higher interest rates tend to dampen the appeal of non-yielding assets such as gold, contributing to its ongoing decline. Gold has now fallen for eight consecutive sessions.
The geopolitical situation remains volatile after Donald Trump issued a two-day ultimatum to Iran to reopen the Strait of Hormuz or face potential strikes on critical infrastructure.
In response, Iran warned it could shut down the vital waterway and target key infrastructure if attacked, raising concerns over global energy supply.
Meanwhile, the US dollar and Treasury yields strengthened following reports of increased American military deployment in the Middle East. A stronger dollar makes gold and silver more expensive for investors holding other currencies, thereby reducing demand.
Market experts suggest that the downward pressure on precious metals may persist in the near term. Ponmudi R, CEO of Enrich Money, said the recent correction has been driven by profit booking, a firm dollar, and mixed signals from ongoing geopolitical developments.
Published: 23 Mar 2026, 08:05 am IST
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