MCX Gold Prices Experience Significant Decline

How it unfolded

On March 23, 2026, the Multi Commodity Exchange (MCX) gold rate opened significantly lower at ₹1,40,158 per 10 grams. This marked a continuation of a troubling trend for gold prices, which had already experienced a sharp decline in the preceding weeks.

As the day progressed, MCX gold hit a low of ₹1,33,352, reflecting a staggering drop of ₹11,140, or 7.70%. By 11:15 AM, the price was trading at ₹1,33,596 per 10 grams, down ₹10,896, or 7.54%. This decline is part of a broader pattern, with gold prices crashing more than 10% in the previous week alone.

The month of March has proven particularly challenging for gold investors, with prices falling 15% so far. The situation is compounded by a similar downturn in silver prices, which opened at ₹2,17,702 per kg and plummeted as much as 11.31% to reach ₹2,01,111.

Market analysts attribute this significant correction in gold prices to a combination of global and domestic factors. Jigar Trivedi noted, “MCX gold price has fallen 15% in March so far, while MCX silver rate has dropped 25% so far in this month.” This trend reflects a broader negative sentiment in the market.

Further complicating the situation is the rising probability of a rate hike at the upcoming Federal Reserve meeting on June 17, 2026, which has increased to approximately 22%. Such monetary policy changes typically exert downward pressure on gold prices, as gold traditionally has an inverse relationship with the dollar.

As of now, analysts suggest that MCX gold prices may find support at levels between ₹1,33,000 and ₹1,30,000. Similarly, MCX silver prices are expected to find support between ₹2,00,000 and ₹1,85,000. The ongoing slide has pushed gold prices to their lowest levels since early January, raising concerns among investors.

The overall trend for gold prices remains negative, as noted by Ajay Kedia, who advised, “investors can sell on rise from these levels.” The decline in gold prices can be attributed to multiple global and domestic factors, including escalating geopolitical tensions, particularly the ongoing conflict involving the United States and Iran.

In summary, the current state of MCX gold prices reflects a significant downturn, with investors closely monitoring market dynamics and potential policy shifts that could further influence the commodity’s value.