Last Updated on March 22, 2026 2:08 am by BIZNAMA NEWS
AMN
Gold prices registered a sharp decline this week, falling nearly 6 per cent as investors rushed to book profits while a stronger US dollar added further pressure on the precious metal.
Data from the India Bullion and Jewellers Association (IBJA) showed that the price of 24-carat gold dropped significantly during the week. The rate for 10 grams slipped from ₹1,56,436 on Monday to ₹1,47,218 by Friday, marking a steep weekly correction in the bullion market.
Despite the overall decline, gold futures on the Multi Commodity Exchange (MCX) witnessed a marginal recovery on Friday. The April gold contract rose 0.23 per cent to trade at ₹1,44,825. Silver, however, continued to remain under pressure. The May silver futures contract fell 1.72 per cent to ₹2,27,470 per kilogram, extending the recent downward trend.
Market experts say precious metals are likely to remain volatile in the coming days after entering a corrective phase triggered by mixed global signals. Earlier, geopolitical tensions in West Asia had supported safe-haven demand for gold, but recent fluctuations in global markets have weakened investor sentiment.
The situation in West Asia has intensified after Israeli strikes targeted Iran’s South Pars gas field, followed by retaliatory attacks by Iran on energy facilities across Gulf countries. The developments have pushed crude oil and natural gas prices higher, raising fears of imported inflation across several economies and creating uncertainty in financial markets.
At the same time, major global central banks — including the US Federal Reserve, the Bank of Japan, the Bank of Canada and the Bank of England — have indicated a cautious and relatively hawkish policy outlook. Expectations of higher or prolonged interest rates generally reduce the attractiveness of non-interest-bearing assets such as gold, contributing to the recent decline.
Technical indicators suggest that MCX gold is approaching important support levels after its strong rally in recent weeks. Analysts believe resistance may emerge between ₹1,50,000 and ₹1,52,000, while the ₹1,35,000 to ₹1,40,000 range could act as a strong demand zone if prices fall further.
Silver, on the other hand, continues to maintain a broadly positive long-term outlook due to a combination of safe-haven demand and strong industrial consumption. However, the metal has also witnessed a sharp correction recently and is currently testing the ₹2,20,000 to ₹2,15,000 range. If buying interest returns, analysts believe silver could attempt a recovery towards the ₹2,40,000 mark in the near term.
