- Gold prices in India fell for the ninth consecutive session, hitting January lows
- Gold declined nearly 2% intraday to Rs 1,36,762 per 10 grams on MCX Tuesday
- Retail 24K gold price dropped to Rs 14,035 per gram, with 22K and 18K also down
Gold prices in India remained under pressure on Tuesday, March 24, even as tensions between the United States and Iran showed signs of easing. The yellow metal continued its downward trend on the MCX, extending losses for the fourth straight week.
Prices have now fallen for nine consecutive sessions, hitting their lowest levels since early January. On Tuesday, gold opened lower at Rs 1,38,411 per 10 grams and slipped further to an intraday low of Rs 1,36,762, marking nearly a 2% drop. In the retail market, 24K gold was priced at Rs 14,035 per gram, down by Rs 294. Meanwhile, 22K gold stood at Rs 12,865 per gram and 18K gold at Rs 10,526 per gram, both registering notable declines.
Gold Price Today in Major Indian Cities (Per Gram)
- Delhi: Rs 14,050 (24K) | Rs 12,880 (22K)
- Mumbai: Rs 14,035 (24K) | Rs 12,865 (22K)
- Kolkata: Rs 14,035 (24K) | Rs 12,865 (22K)
- Chennai: Rs 14,182 (24K) | Rs 13,000 (22K)
- Bengaluru: Rs 14,035 (24K) | Rs 12,865 (22K)
- Hyderabad: Rs 14,035 (24K) | Rs 12,865 (22K)
- Ahmedabad: Rs 14,040 (24K) | Rs 12,870 (22K)
- Noida: Rs 13,579 (24K) | Rs 12,449 (22K)
Early morning trade reflected a sharp decline, with gold April futures falling by 1.38%, or Rs 1,925, to Rs 137,558 per 10 grams. Silver prices also weakened, as May futures dropped 2.84%, or Rs 6,388, to Rs 218,779 per kilogram. This followed Monday's steep fall, where gold futures had already declined 3.61% to Rs 1,39,280, while silver slipped 0.59%.
Impact of US-Iran war on Gold prices
Despite some de-escalation in the conflict that began in late February involving US-Israeli military action against Iran, market sentiment around bullion remained cautious. Broader concerns about inflation, volatile energy prices, interest rate outlooks, and currency pressures also continued to weigh heavily on gold.
According to market analysts, the decline persists largely due to expectations that the US Federal Reserve may keep interest rates steady in the near term, as inflation risks remain elevated. Damage to oil infrastructure in the Middle East has also added to inflationary concerns. Additionally, there is speculation that central banks could increase gold supply by offloading reserves, further pressuring prices.
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