Commodity Prices Decline Amid Rising Crude Oil and Strengthening US Dollar

Precious Metal Prices Plunge Amid Iran-Linked Tensions

Domestic Gold Futures on MCX fell to an intraday low of Rs 1,41,298 per 10 grams on March 19, before recovering to Rs 1,45,179, still down 5.13%. This decline comes as prices had hit a yearly low of around Rs 1.39 lakh on January 1, 2026.

Silver also edged to a low of Rs 2,15,162 per kilogram, the lowest so far this year, but trimmed some losses to trade at Rs 2,27,817 per kilogram as of 19:32 IST.

International Spot Prices fell on Comex, with gold hovering just above $4,631 per ounce, down 5.41%, and silver declined below $70 per ounce, shedding 10.54% over the last 24 hours.

Read also: Gold and Silver Prices Decline Amid Strengthening Dollar and Inflation Concerns

IBJA pegged the standard price of 10 grams of gold at Rs 1,47,889, and silver at Rs 2,29,873 per kilogram at its 18:30 rate session.

Indian Rupee slipped to an all-time low of 93 against the US Dollar, while Brent Crude briefly topped $110 per barrel, pushing crude prices near four-year highs.

Festive Demand to Boost Gold and Silver

The current dip in precious metals may attract festive buying, as occasions like Gudi Padwa, Ugadi, Chaitra Navratri, Eid ul-Fitr, Rama Navami, and Mahavir Jayanti provide an auspicious window for purchases.

Read also: Gold and Silver Prices in India: A Review of Current Rates Across Major Cities

Analysts estimate that any dips are likely to attract festive buying, with silver gaining traction as an affordable gifting alternative. The festive season is expected to support demand, reinforcing the long-term bullish outlook for precious metals.

Gold Demand in March Weakened Amid Escalating Tensions

Gold demand in March weakened sharply amid escalating tensions with Iran, as heightened volatility, a stronger US dollar, and rising oil prices have pushed the metal back toward pre-conflict levels.

Bullion Remains Under Pressure

Bullion remained under pressure as markets focused on the likelihood of higher-for-longer Fed interest rates amid persistent inflation risks. The US-Israel conflict with Iran shows no signs of easing, keeping oil prices elevated above $100 per barrel.

Technical Analysis

Analysts estimate that gold remains technically weak, with resistance now shifting lower towards Rs 1.50 lakh, while key support is seen in the Rs 1.44 lakh to Rs 1.42 lakh zone.

Short-Term Trend Remains Weak

The overall short-term trend remains weak to volatile, and price action will continue to react sharply to developments in interest rate expectations and geopolitical cues.