March 23, 2026: Over the past few days, the prices of gold and silver have surprised both investors and the general public. Typically, the prices of these precious metals rise sharply during times of global crisis or war, but this time, amid the Middle East war, both metals are experiencing a sharp decline.
Silver – Silver prices fell by Rs 32,000 per kg in the last one week.
Gold – The price of 24 carat gold fell from Rs 1,58,399 to Rs 1,47,218 per 10 grams, that is, a decline of Rs 9,181 per 10 grams in a week.
This decline has been observed both on the MCX and in the domestic market. Data from the Indian Bullion Jewellers Association ( ibja.com ) also confirms this.
The main reasons behind the decline
The decline in gold and silver prices wasn't solely due to the war. Several economic and global factors contributed to this decline:
US Fed's interest rate policy – The US central banking institution has decided to keep interest rates stable, which has increased pressure on gold and silver.
Strength of Dollar – Due to strengthening of dollar, investors reduced their investment in metals like gold and silver.
Crude and Inflation – Tensions over the Strait of Hormuz and rising crude oil prices have raised concerns about global inflation.
Global investment streams – Investors turned to safe haven assets, leading to lower demand for these metals.
Impact on the domestic market
The impact of this decline in gold and silver prices is clearly visible in the Indian market. This poses a challenging situation for jewelry traders and investors, as demand for gold often increases during festivals and wedding seasons.
Gold – became cheaper by Rs 9,181 per 10 grams at the domestic level.
Silver – Falls to Rs 32,000 per kg.
This could also be a buying opportunity for investors, but global instability remains a cause for concern.
The combined effects of war, global tensions, and economic policies have led to an unexpected drop in gold and silver prices. Investors and the general public should carefully evaluate the situation and avoid making rash, large investments.
