Gold and Silver Plunge Amid Geopolitical Tensions, Hitting Multi-Week Lows
Mumbai, March 19 – Precious metals witnessed a steep decline on Thursday, with both gold and silver falling to multi-week lows despite ongoing geopolitical tensions in the Middle East. Strong selling pressure dominated trading sessions, driving prices sharply lower.According to the India Bullion and Jewellers Association (IBJA), 24-carat gold (999 purity) dropped to ₹1,47,889 per 10 grams, down ₹6,990 from the previous session's ₹1,54,879. Silver also saw a significant correction, with 999 purity silver falling to ₹2,29,873 per kilogram from ₹2,49,907 per kilogram, a drop of ₹20,034 per kg.
Over the past week, gold has lost more than ₹12,000, while silver has declined by over ₹38,000, reflecting sustained pressure in the precious metals segment.
The downturn was mirrored on the Multi Commodity Exchange (MCX), where April gold contracts traded at ₹1,42,516 per 10 grams in evening trade, down 6.87 per cent or ₹10,509. Meanwhile, May silver contracts were priced at ₹2,23,400 per kilogram, down 11.94 per cent or ₹30,297.
During the day, April gold futures opened at ₹1,51,941, touched an intra-day high of ₹1,52,449, and slipped to ₹1,41,121 – the lowest since early February. Similarly, May silver futures opened at ₹2,45,000, reached a high of ₹2,45,674, and fell to an intra-day low of ₹2,14,212 per kilogram.
Silver has now fallen over 20 per cent this month, signaling a second consecutive monthly loss.
Market analysts point to escalating geopolitical tensions in the Middle East, fluctuations in the US dollar, and rising crude oil prices as key drivers of the sharp volatility. Heightened concerns over potential US-Iran escalation have further unsettled global markets, adding pressure to precious metal prices.
Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.