Silver prices crashed harder, landing at ₹2,32,364/kg—a ₹28,124 dive from ₹2,60,488. On international bourses, gold posted its steepest weekly loss in 15 years at 9.6%, with Comex spot at $4,574.90/oz versus $5,061.70 prior. Silver declined over 14% to $69.66/oz from $81.343.

Analysts point to rampant profit-booking after recent highs and a resurgent dollar as key culprits. ‘Investors are rotating out of safe-haven metals into equities and bonds,’ said a commodities expert. This shift reflects broader market optimism, with stock indices hitting records amid cooling inflation fears.

For Indian consumers, the drop spells relief ahead of wedding and festival demands. Retailers in major cities like Mumbai and Delhi report increased footfall, though wholesalers advise against hasty purchases given technical indicators suggesting possible further corrections. The rupee’s mild depreciation cushioned some impact, but global headwinds dominate.

Looking ahead, eyes are on US Treasury yields and central bank policies. A softer dollar could trigger a rebound, but for now, the metals complex remains under pressure, offering bargain hunters a rare window.

Friday’s session offered little relief. MCX Gold for April delivery rose modestly by 0.23% to ₹1,44,825 per 10 grams, but silver wasn’t so lucky, crashing 1.72% or ₹3,990 to ₹2,27,470 per kg. IBJA data shows 999 pure gold at ₹1,47,218 per 10g on Friday versus ₹1,56,436 on Monday—a stark weekly fall. Pure silver dropped from ₹2,48,711 to ₹2,32,364 per kg, erasing over ₹16,000.

Geopolitical jitters from Israel’s attack on Iran’s key gas facility and the ensuing counterstrike have driven energy costs higher, stoking inflation worries worldwide. Yet, this hasn’t sustained gold’s appeal as a hedge.

Major central banks’ tough rhetoric is the real culprit. With the Fed, BoJ, BoC, and BoE hinting at prolonged high rates, gold and silver— which don’t pay interest—lose luster. The dollar’s dominance exacerbates the slide.

Chart watchers note gold testing supports between ₹1,35,000 and ₹1,40,000, with overhead resistance at ₹1,50,000+. Silver eyes ₹2,15,000-₹2,20,000, potentially rebounding to ₹2,40,000 on fresh demand.

RBI’s latest figures reveal a mixed reserve picture. Gold holdings climbed $664 million to $130.68 billion, but overall forex reserves plunged $7.05 billion to $709.76 billion for the week to March 13. This follows a $11.68 billion wipeout prior, driven by interventions to prop up the rupee against oil shocks and Iran tensions. Foreign assets specifically fell $7.678 billion to $555.568 billion, reflecting currency fluctuations.

Looking ahead, the precious metals outlook stays cautious, balancing inflation fears against a hawkish monetary backdrop.

IBJA data reveals 999 fineness gold closing at 1,47,218 rupees for 10 grams, down 671 rupees from the prior day’s 1,47,889 rupees. The decline follows Thursday’s heavy losses, underscoring investor caution.

Contrast that with silver’s rebound: 999 purity metal ended at 2,32,364 rupees per kg, a robust 2,491-rupee increase over Thursday’s 2,29,873 rupees. This uptick signals renewed buying interest.

Weekly trends paint a bearish picture overall. From last Friday, gold is down over 11,181 rupees per 10 grams (from 1,58,399), and silver has dropped more than 28,124 rupees per kg (from 2,60,488).

MCX futures added to the drama. April gold climbed 1,870 rupees (1.29%) to 1,46,824 by evening. May silver gained 2,652 rupees (1.15%) to 2,34,112 per kg.

Gold’s April contract swung wildly: opening 1,48,302, peaking 1,48,457, dipping to 1,45,700. Silver’s May contract opened 2,39,948, touched 2,40,000, and fell to 2,30,060.

Market watchers point to Gulf instability, US dollar swings, oil price gyrations, and US-Iran tensions as key drivers. ‘Precious metals are caught in a perfect storm of geopolitical risk and currency flux,’ noted a veteran trader.

With the week ending on this mixed note, traders are on edge for Monday’s open. Strategic positioning in silver could pay off, but gold’s safe-haven status remains tested.

MCX data showed the gold contract for April 2026 down 953 rupees or 0.62% at 1,52,072 rupees by mid-morning. The metal swung from 1,51,712 to 1,53,025 rupees in early deals. Silver’s May 2026 futures shed 3,945 rupees or 1.59%, closing at 2,44,249 rupees, with extremes of 2,43,083 and 2,45,387 rupees.

Global cues mirrored the weakness, with gold off 0.92% at 4,850 dollars/oz and silver down 2.42% at 75.735 dollars/oz. The Fed’s choice to maintain rates at 3.5-3.75%—unchanged for the second straight meeting—dashed hopes for imminent easing.

Previous cuts in late 2025 had buoyed markets, but inflation woes and the Iran conflict have shifted the outlook. Analyst Justin Khoo from VT Markets highlighted how Powell’s comments on slashed rate cut expectations, tied to a 2.7% inflation uptick from oil shocks, underscore the Fed’s cautious path.

As markets digest this, attention turns to oil dynamics and US data releases. Higher-for-longer rates typically pressure non-yielding assets like gold, prompting shifts to interest-bearing alternatives and amplifying the day’s declines.

This week’s losses are staggering: gold is down nearly Rs 4,000 per 10 grams since Friday, and silver has lost about Rs 10,000 per kg. The MCX amplified the rout, with April gold futures declining 2.17% (Rs 3,385) to Rs 1,52,600 by 7:19 PM. May silver dropped 2.34% (Rs 5,913) to Rs 2,47,200.

Trading sessions were rollercoasters. Gold started at Rs 1,55,658, hit Rs 1,56,075, then sank to Rs 1,51,550. Silver opened at Rs 2,51,498, climbed to Rs 2,54,897, and plunged to Rs 2,42,803 per kg.

Experts remain cautiously optimistic. ‘The 1,56,000-1,57,000 band acts as robust demand support for gold,’ noted one analyst. Holding above this could sustain upward momentum, with a push past Rs 1,65,000 targeting Rs 1,75,000-1,80,000.

West Asian tensions, including US-Iran rhetoric and Hormuz Strait blockade fears, have roiled global sentiment. Yet, a robust dollar and oil price swings are capping precious metals’ appeal. The petro-dollar system’s reinforcement is driving gold, oil, and USD in opposing directions, creating this unusual bearish pressure on bullion.

As markets digest these shifts, physical buyers might find value in the dip, while futures traders brace for more volatility tied to international headlines.

Gold’s price retreat post-January highs led the commodity exodus, with sector inflows plummeting 89% from ₹51,483 crore to a mere ₹5,774 crore. Silver followed suit, amplifying the pullback. Money market enthusiasm waned too, flows contracting 45% to ₹42,970 crore amid subdued activity.

Fixed income outflows moderated slightly to ₹16,919 crore from ₹17,037 crore, but the trend of redemptions persisted. Equity held firmer, with a 19% dip to ₹42,017 crore from ₹52,110 crore. Total net flows across mutual funds halved to ₹73,842 crore from January’s peak of ₹1,64,277 crore.

Breaking down equities, broad market funds slipped from ₹30,359 crore to ₹27,254 crore, large-caps from ₹11,007 crore to ₹9,316 crore. Yet, mid and small-caps shone: mid-cap inflows climbed to ₹3,739 crore (up from ₹3,297 crore), small-caps to ₹3,055 crore (from ₹2,536 crore), showcasing investor confidence in value picks during dips.

Factor-based funds posted strong gains, rising to ₹4,495 crore from ₹3,116 crore, boosted by a fresh ‘quality’ NFO launch. February’s landscape normalized after January’s anomalies—gold cooled, money markets steadied, mid/small-caps saw bargain hunting, and fixed income bleed eased marginally.

For investors, this report signals a pivot point: commodities’ high annual yields tempt despite volatility, equities offer selective havens, and tactical shifts toward quality factors could define near-term strategies. As markets stabilize, watchful positioning may yield dividends in the coming months.

MCX data showed the gold contract for April 2026 trading 0.75% lower at ₹1,57,274 after a 1,192-point fall. The metal swung wildly, peaking at ₹1,57,347 and bottoming at ₹1,56,665 during the session.

Silver’s slide was steeper: the May 2026 futures lost 1.19% or 3,435 points to close at ₹2,56,340, with intraday lows at ₹2,54,367 and highs at ₹2,56,444.

Overseas, gold dipped 0.66% to $5,028/oz and silver fell 0.79% to $80.70/oz. Experts point to the Fed meeting—from March 17 to 18—as the main trigger. With crude oil prices stubbornly above $100/barrel, expectations are for unchanged rates, prompting profit-taking and dollar strength to weigh on bullion.

Counterbalancing this, escalating Middle East risks sustain support. The absence of any Iran conflict resolution, coupled with recent US-Israel strikes on vital infrastructure and Tehran’s retaliation threats, bolsters the case for gold and silver as hedges.

As the week unfolds, the Fed outcome will be pivotal. Traders advise monitoring oil trends and currency moves closely, as they could prolong the current weakness or spark a rebound in these safe-haven assets.

Lower purity gold followed suit: 22-carat variant declined to 1,45,416 rupees from 1,47,097 rupees, and 18-carat gold reached 1,19,063 rupees down from 1,20,440 rupees per 10 grams. Silver, meanwhile, plummeted by 3,489 rupees to 2,60,723 rupees per kilogram, off from 2,64,212 rupees.

Futures on MCX were marginally positive, with gold for April 2026 up 0.05% at 1,59,757 rupees and silver for May 2026 gaining 0.30% to 2,62,990 rupees.

Global cues offered a contrasting picture, as Comex gold rose 0.28% to 5,093 dollars per ounce and silver increased 0.58% to 82.62 dollars.

‘LKP Securities’ Jatin Trivedi highlights gold’s consolidation on MCX between 1,59,500-1,60,000 rupees, aligned with Comex at 5,100 dollars. Investors are on edge for upcoming US jobs data, including non-farm payrolls and unemployment figures,’ he explained. Key support lies at 1,58,000 rupees, resistance at 1,62,000 rupees.

This pullback comes amid profit-booking after recent highs, influenced by dollar strength and equity market volatility. For consumers planning jewellery purchases, the dip spells relief, though experts advise monitoring geopolitical tensions that could reverse the trend swiftly. Domestic demand remains resilient, bolstered by wedding season anticipation.

IBJA data reveals 24-carat gold closing at Rs 1,60,586 per 10 grams after a Rs 1,962 drop from Rs 1,62,548. Similarly, 22-carat gold declined to Rs 1,47,097 from Rs 1,48,894 per 10 grams, and 18-carat at Rs 1,20,440 down from Rs 1,21,911.

Silver’s plunge was more dramatic, falling Rs 7,135 per kilogram to Rs 2,64,212 from the prior Rs 2,71,347. This weakness extended to derivatives markets, where gold April 2026 futures declined 0.84% to Rs 1,60,165, and silver May 2026 futures dropped 0.94% to Rs 2,63,068.

Internationally, Comex gold eased 0.16% to $5,126/ounce, with silver down 0.61% at $82.68/ounce. LKP Securities’ Jatin Trivedi highlighted that Indian gold traded in a narrow band of Rs 1,60,000-1,63,000 per 10 grams, aligning with global levels near $5,150/ounce.

‘Traders are eyeing US data releases like unemployment rates and non-farm payrolls, which could sway sentiment,’ Trivedi added. The correction comes after recent highs, driven by safe-haven demand amid geopolitical tensions. Physical demand from jewelers remains steady, potentially cushioning further downside.

This price retreat could boost retail buying ahead of wedding and festival seasons. Yet, with Federal Reserve policies and economic reports looming, experts urge measured investments. The bullion market’s resilience will be tested in the coming sessions.

MCX data reveals April gold contracts eased 0.38% to ₹1,60,529/10g in intra-day trading, while March silver dropped 1.46% to ₹2,64,395/kg. This came after Wednesday’s 0.74% gain in gold and 3% jump in silver.

The pullback reflects classic profit harvesting, but downside was capped by external factors. US tariff policies under President Trump remain a wildcard, with 10-15% duties on imports fueling market unease.

Supreme Court deliberations add to the confusion, keeping trade talks in limbo and propping up demand for bullion. A 0.13% decline in the dollar index to 97.58 further aided affordability for international purchasers.

Geopolitical flashpoints are intensifying safe-haven flows. The upcoming US-Iran nuclear discussions in Geneva and Middle East military maneuvers underscore gold’s enduring appeal.

Fundamentally, precious metals outlook is robust. Comex gold oscillates in the $5,100-$5,300 band post-fluctuations. Silver could target $100-105 if it holds above $92-96 on Comex.

Key MCX supports for gold: ₹1,60,000/₹1,57,700; resistances: ₹1,62,500/₹1,64,000. Silver supports: ₹2,63,600/₹2,58,800; resistances: ₹2,74,000/₹2,80,000.

Experts predict choppy trading ahead, recommending profit realization on upticks and strategic accumulation on corrections. In an era of trade wars and regional strife, these metals’ allure persists.