Tracking weak global markets, gold and silver prices today witnessed a significant decline, falling to a nearly four-month low. As inflation concerns and rising interest rates dominate global trade, investors are stepping back from bullion. Here are the latest updates on precious metal rates across major Indian cities.
Significant Drop in Gold and Silver Prices Today
Gold prices in the international market extended their losses this week. Spot gold dropped over three percent to around $4,340 per ounce. This marks the ninth consecutive session of decline for the yellow metal. US gold futures also recorded a steep fall during early trade.
Silver mirrored this downward trend closely. The white metal lost over three percent in global trade. On the Multi Commodity Exchange (MCX), gold opened with a sharp cut of five percent. Meanwhile, silver opened with a massive cut of six percent.
Also Read: Gold and Silver Prices in India Fall Amid Global Tensions
According to recent market data, the price of 24-carat gold slipped by Rs 10 to reach Rs 1,45,960 per 10 grams. Similarly, 22-carat gold declined by Rs 10, settling at Rs 1,33,790 per 10 grams. Silver experienced a sharper fall, dropping by Rs 100 to Rs 2,44,900 per kilogram in early market assessments.
City-Wise Gold, Silver Prices in Major Cities (March 23, 2026)
| City | 24K Gold (Rs/g) | 22K Gold (Rs/g) | 18K Gold (Rs/g) | Silver (Rs/10g) | Silver (Rs/kg) |
| Chennai | Rs 14,857 | Rs 13,619 | Rs 11,359 | Rs 2,499 | Rs 2,49,900 |
| Mumbai | Rs 14,596 | Rs 13,379 | Rs 10,947 | Rs 2,449 | Rs 2,49,900 |
| Delhi | Rs 14,611 | Rs 13,394 | Rs 10,962 | Rs 2,499 | Rs 2,49,900 |
| Kolkata | Rs 14,596 | Rs 13,379 | Rs 10,947 | Rs 2,499 | Rs 2,49,900 |
| Bengaluru | Rs 14,596 | Rs 13,379 | Rs 10,947 | Rs 2,499 | Rs 2,49,900 |
| Hyderabad | Rs 14,596 | Rs 13,379 | Rs 10,947 | Rs 2,499 | Rs 2,49,900 |
| Kerala | Rs 14,596 | Rs 13,379 | Rs 10,947 | Rs 2,499 | Rs 2,49,900 |
| Pune | Rs 14,596 | Rs 13,379 | Rs 10,947 | Rs 2,499 | Rs 2,49,900 |
| Vadodara | Rs 14,601 | Rs 13,384 | Rs 10,952 | Rs 2,499 | Rs 2,49,900 |
| Ahmedabad | Rs 14,601 | Rs 13,384 | Rs 10,952 | Rs 2,499 | Rs 2,49,900 |
Why Are Precious Metals Losing Their Shine?
Several global cues are driving this decline in bullion prices. A combination of macroeconomic factors is heavily weighing on the market sentiment. Rising crude oil prices are actively fueling inflation concerns across the globe. Consequently, central banks are maintaining tight monetary policies.
Expectations of higher interest rates reduce the overall appeal of gold. Unlike bonds or savings accounts, precious metals do not offer regular interest returns. Therefore, when interest rates remain high, investors naturally shift their capital toward interest-bearing assets.
Furthermore, a stronger US dollar makes bullion more expensive for overseas buyers. Rising bond yields are also pulling investor interest away from the commodity market. Adding to the market volatility, escalating tensions in the Middle East are creating an unpredictable trading environment. Specifically, threats surrounding the Strait of Hormuz are keeping traders on edge.
In essence, the current economic landscape works strongly against gold. Strengthening dollars and high interest rates always prompt investors to liquidate non-yielding assets. Understanding these macroeconomic shifts is crucial for anyone tracking gold and silver prices today.
Crucial Factors Investors Should Monitor
The near-term direction for bullion markets will depend on several volatile indicators. Investors should keep a close watch on the movement in global crude oil prices. Additionally, any signals from the US Federal Reserve regarding potential rate cuts will heavily dictate market momentum.
Geopolitical developments in the Middle East require constant monitoring. Any escalation could trigger a sudden return to safe-haven assets. Lastly, the ongoing trend in the US dollar index and international bond yields will remain the primary drivers for price corrections. Market experts suggest careful observation before making fresh financial commitments in the commodities sector.
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