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Informist, Monday, Mar. 23, 2026

 

--COMEX April gold contract down 7.5% at $4,228 per ounce

--COMEX May silver contract down 11% at $62.3 per ounce

--MCX April gold contract down 8% at INR 133,380 per 10 gm

--MCX May silver contract down 11% at INR 202,600 per kg

 

MUMBAI – Gold and silver futures on the Multi Commodity Exchange of India and COMEX plummeted Monday, hitting the lowest levels of 2026, as the escalating military conflict in West Asia renewed concerns about inflation, which could prompt central banks to keep rates higher for longer. Gold and silver futures have erased all the gains for this year, falling to $4,200 per ounce and $62 per ounce levels, respectively.

 

At 1226 IST, the most-active April GOLD contract on the MCX was down 8% at INR 133,000 per 10 grams. The most-active April contract on COMEX was down 8.5% at $4,189.5 per ounce. The most-active May SILVER contract on the MCX was down 10% at INR 204,500 per kilogram and the same month contract on COMEX was down 11% at $62.01 per ounce.

 

On COMEX, gold prices hit a low of $4,166 per ounce and silver hit a low of $61.65 per ounce earlier in the day. On the domestic bourse, gold prices hit a low of INR 131,508 per 10 grams while silver hit a low of INR 200,510 per kg. Gold prices have fallen over 25% from the record high reached on Jan. 29, while silver has plunged over 50% from its all-time high.

 

"This steep fall reflects a broader global risk-off sentiment. The correction is largely driven by a widespread sell-off across asset classes, including Dubai's real estate market, cryptocurrencies, and equities," Ajay Kedia, director of Kedia Stocks & Commodities Research Pvt. Ltd., said in a note. "Additionally, the US Federal Reserve's hawkish stance—indicating limited rate cuts in 2026 and even the possibility of rate hikes—has strengthened the dollar, reducing the appeal of non-yielding assets like bullion," Kedia added.

 

The downtrend in bullion may continue in the near term. Domestic gold prices could test INR 115,000 per 10 grams while international prices could fall to $3,450-$3,500 per ounce. Silver prices may slide towards $50 per ounce and INR 175,000 per kg on MCX, Kedia said. "However, historically, after initial war-driven corrections, bullion tends to recover in the later phase, suggesting potential support in the second half," he added.

 

The conflict in West Asia entered its fourth week Monday, with no signs of de-escalation on either side. Iran said it would completely shut the Strait of Hormuz and launch retaliatory attacks on regional energy and water infrastructure if the US attacks its power plants, Al Jazeera reported. This comes in response to US President Donald Trump on Sunday giving Iran a two-day deadline to reopen the Strait of Hormuz or have its power plants bombed.  End

 

US$1 = INR 93.94

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Ashutosh Pati

Edited by Avishek Dutta

 

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