Gold and Silver Prices Plunge on MCX Amid Global Sell-Off

Gold and silver prices on the Multi-Commodity Exchange of India (MCX) fell sharply on Monday, March 23, extending a global sell-off after a disappointing week. Gold contracts expiring on June 5 dropped 8% to ₹1,36,287, while silver contracts maturing on July 3 fell 11% to ₹2,08,145.

Gold is now down over 20% from its January peak, while silver has plunged nearly 50% from recent highs. Both metals have also turned negative on a year-to-date basis, reflecting sustained weakness in the market.

Global Market Trends

The slide in prices is not limited to India. Globally, gold fell 11% last week, marking its worst weekly performance since 1983, while silver lost 15%, nearly halving from highs of around $120 per ounce.

The ongoing US-Iran conflict in West Asia has pushed oil prices higher, intensifying inflation concerns worldwide. This geopolitical tension has added further pressure on precious metals.

Also Read: Gold and Silver Prices Today, March 23, 2026: Check Rates in Chennai, Delhi, Mumbai, Bangalore and Hyderabad

Central Banks and Rising Rates

Traders who had been expecting monetary easing are now factoring in potential rate hikes. The Bank of England and the European Central Bank may raise rates at least three times this year, while the US Federal Reserve currently assigns a 30% probability to a rate hike by October.

Higher interest rates are negative for non-yielding assets like gold and silver. Alongside rising inflation and a stronger US dollar, these factors form a triple headwind, keeping bullion prices under pressure despite global uncertainties.

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