Gold and Silver Plunge Sharply Amid Global Volatility and Selling Pressure

Mumbai, March 2026 : Precious metals witnessed a steep and sudden decline on Thursday, defying expectations of stability amid heightened geopolitical tensions in West Asia. Both gold and silver slipped to multi-week lows, weighed down by strong selling pressure and volatile global cues.

According to data from the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold (999 purity) dropped sharply to Rs 1,47,889 per 10 grams, compared to Rs 1,54,879 in the previous session. This marks a significant one-day fall of Rs 6,990, reflecting intense market correction.

Silver prices also followed a similar downward trajectory. The rate of 999 purity silver declined to Rs 2,29,873 per kilogram from Rs 2,49,907 per kilogram a day earlier, registering a sharp fall of Rs 20,034 per kg. The sustained decline highlights continued pressure in the precious metals segment.

Over the past week, gold prices have fallen by more than Rs 12,000, while silver has plunged by over Rs 38,000, indicating a broader bearish trend. The steep correction has surprised investors, especially given the prevailing geopolitical uncertainties that typically support safe-haven assets like gold and silver.

The downturn was also clearly visible on the Multi Commodity Exchange (MCX). During evening trade, gold contracts for April delivery were trading at Rs 1,42,516 per 10 grams, down by 6.87 per cent or Rs 10,509. Meanwhile, silver contracts for May delivery were quoted at Rs 2,23,400 per kilogram, reflecting a decline of 11.94 per cent or Rs 30,297.

Intraday movements further underscored the volatility. April gold futures opened at Rs 1,51,941, touched a high of Rs 1,52,449, and slipped to a low of Rs 1,41,121 per 10 grams — its weakest level since early February. Similarly, May silver futures opened at Rs 2,45,000, peaked at Rs 2,45,674, and dropped to an intraday low of Rs 2,14,212 per kilogram.

With Thursday’s sharp fall, silver has now declined by over 20 per cent this month, putting it on track for a second consecutive monthly loss.

Market experts attribute this sharp volatility to multiple factors, including fluctuations in the US dollar, movements in crude oil prices, and ongoing geopolitical tensions in West Asia. Concerns over a potential escalation involving the United States and Iran have further unsettled global markets, leading to heavy selling in precious metals despite their traditional safe-haven appeal.

(The content of this article is sourced from a news agency and has not been edited by the Mavericknews30 team.)