India’s gold and silver prices dropped on March 24 as global bullion prices continued to decline for the fourth week in a row. Early on Monday, the price of spot silver fell by 3-4% to hover around $65 per ounce, while the price of market gold plummeted by 3-4% to trade below $4,400.
MCX gold wiped the Rs 1.37 lakh level and fell by about 6% at the opening bell. In contrast, MCX silver fell by around Rs 14,000 to go below Rs 2.13 lakh.
So far in March, the nation’s gold and silver prices have decreased by 12% to 17%. With fresh threats from the US, Israel, and Iran, concerns about inflation have grown. The dollar has strengthened around the 100 mark, and major economies are currently having trouble increasing liquidity.
President Donald Trump has threatened to strike Iranian power stations if the Strait of Hormuz is not reopened, and Tehran has threatened to target important US and Israeli assets around the area if its energy facilities are attacked. The Iran war does not appear to be abating. According to Trading Economics, gold fell more than 10% last week as rising oil prices stoked worries about inflation, leading markets to factor in a protracted halt or possible rate increases from major central banks.
According to the statistics, traders are probably placing bets on a potential rate increase by the Federal Reserve by the end of the current year due to concerns about ongoing inflation. Major central banks like the ECB, BOE, and BOJ also held rates constant last week, but they made it clear that they were prepared to tighten policy even more if inflationary pressures continued.
Silver Rates Today Live: MCX Silver Collapses Hard
MCX silver fell to an intraday low of Rs 2,11,729 per 1KG in the opening bell of March 24. At Rs 2,13,045 per kg, silver is currently down Rs 13,727, or 6.05%. From its peak price Rs 4,39,337 per 1kg in late January 2026, silver has more than halved.
Gold Rates Today Live: MCX Gold Crashes Big Time
MCX gold, which has an April 2026 expiration date, saw one of the greatest single-day declines on Monday. MCX gold dropped by Rs 7,586, or 5.3%, to trade at Rs 1,36,906 per 10 grams as of this writing. The price of 10 kilos of bullion is close to its intraday low of Rs 1,36,403.
Forex Market Live Updates: US Dollar Stays Firm Near 0 Mark
As the US-Israel confrontation with Iran enters its fourth week, the US dollar has remained strong around the $100 mark due to hopes of an earlier rate hike cycle. According to Trading Economics, high oil prices have increased concerns about inflation and reduced the possibility of a short-term Federal Reserve rate drop. As a result, some traders are already factoring in a possible rate increase before the end of the year. As anticipated, the Fed maintained its policy rate last week, with Chair Jerome Powell stating that it was too soon to fully evaluate the economic effects of the Iranian dispute. While keeping rates unchanged, the ECB, BOE, and BOJ indicated that they were prepared to tighten policy much further if inflationary pressures continued.
Commodity Market Live Updates: More Rally Expected In Crude Oil Prices?
Iran has promised to attack US and Israeli assets throughout the Middle East, including infrastructure for desalination, electricity, and information technology. Following US President Donald Trump’s vow to “obliterate” Iran’s key power reactors, this warning was issued. Tehran declared that they would follow suit if their energy infrastructure was compromised. Despite a significant release of emergency stockpiles and US efforts to expedite the sale of Russian and Iranian oil, the IEA has warned that the world oil market is facing its biggest-ever shock, according to Trading Economics. This might lead to a new rebound in crude, which has stayed close to zero per barrel since the start of the conflict.
Commodity Market Live Updates: Crude Oil Maintains Upside
US WTI Crude oil futures saw a 1% increase to trade close to zero per barrel. In the early hours of Monday, Brent Crude also increased to about $3 per barrel. Despite Iran restoring Hormuz passage for ships, Brent climbed to reach the 5 per barrel threshold in the previous session. Crude oil prices have increased by about 50% since the start of the US-Israel war with Iran.
Silver Rates Today Live Updates: Spot Silver Sees Intense Selling Pressure
Spot silver fell 4% to trade at per ounce, following the bearish trend as well. Additionally, this will be Silver’s fourth weekly loss. The majority of nations find it challenging to increase liquidity in the middle of the Middle East conflict. Iran declared that it will only allow ships unrelated to their adversaries, the United States and Israel, to pass through the Strait of Hormuz. Silver fell 15% on its own last week as rising oil prices continue to raise concerns about inflation, economic uncertainty, and the possibility of rate hikes.
Gold Rates Live Updates: Spot Gold Continues Crashing
Spot silver fell 4% to trade at per ounce, following the bearish trend as well. Additionally, this will be Silver’s fourth weekly loss. The majority of nations find it challenging to increase liquidity in the middle of the Middle East conflict. Iran declared that it will only allow ships unrelated to their adversaries, the United States and Israel, to pass through the Strait of Hormuz. Silver fell 15% on its own last week as rising oil prices continue to raise concerns about inflation, economic uncertainty, and the possibility of rate hikes.
FAQs: Gold & Silver Price Crash (March 24)
1. Why did gold and silver prices fall today?
Gold and silver prices dropped sharply due to a mix of global factors, including rising inflation concerns, strong US dollar performance, and expectations of interest rate hikes by central banks like the Federal Reserve.
2. How much did MCX gold and silver fall on March 24?
- MCX gold fell by around 5–6%, dropping below ₹1.37 lakh per 10 grams
- MCX silver plunged by about ₹14,000, falling below ₹2.13 lakh per kg
3. What is causing pressure on global bullion prices?
Global bullion prices are under pressure due to:
- Ongoing geopolitical tensions involving Iran, Israel, and the United States
- Rising crude oil prices increasing inflation fears
- Strong US dollar near the 100 mark
- Tight monetary policy outlook from global central banks
4. How much have gold and silver prices fallen in March so far?
So far in March:
- Gold and silver prices have declined by 12% to 17% overall
5. Why is the US dollar affecting gold prices?
A stronger US dollar makes gold more expensive for investors holding other currencies, reducing demand and pushing prices down.
6. What role do interest rates play in gold price movement?
Higher interest rates reduce the appeal of gold since it does not offer interest returns. With central banks like the European Central Bank and Bank of England hinting at tighter policies, gold prices are facing downward pressure.
7. Is geopolitical tension impacting gold and silver markets?
Yes, ongoing tensions in the Middle East, especially around the Strait of Hormuz, are increasing market volatility, impacting commodities like gold, silver, and crude oil.
8. Why are crude oil prices rising?
Crude oil prices are rising due to supply concerns and geopolitical risks. According to the International Energy Agency, the market is facing a major supply shock.
9. Should investors buy gold after this crash?
Investors should be cautious. While price corrections can offer buying opportunities, ongoing inflation risks, global tensions, and rate hike expectations may keep gold volatile in the near term.
10. What is the outlook for gold and silver prices?
The short-term outlook remains bearish to volatile, driven by:
- Inflation concerns
- Central bank policy decisions
- Geopolitical developments
