Gold saw a volatile day, largely falling on MCX ahead of the Fed meeting. US economic data and Iran tensions kept investors on edge.
| Purity | Per Gram | Per 10g | Change |
|---|---|---|---|
| 24K Gold | ₹15,775INR | ₹1,57,750 | ↓ ₹33 |
| 22K Gold | ₹14,460 | ₹1,44,600 | ↓ ₹30 |
| 18K Gold | ₹11,831 | ₹1,18,310 | — |
Source: GoldMeter.in • Historical data for reference only
Gold and silver markets experienced a day of considerable volatility on March 18, 2026, with prices largely trading lower on the Multi Commodity Exchange (MCX) in India. Despite an initial surge in gold futures by 2% and silver by 6% on MCX, attributed to escalating Iran tensions, the precious metals failed to sustain these gains. By day's end, MCX gold slumped over ₹700, settling around ₹1.55 lakh per 10 grams, while silver tanked 1%, dropping below ₹2.50 lakh per kilogram. Global markets mirrored this downtrend, with Comex gold sliding significantly, plunging $171 per ounce, and silver shedding $4.30, primarily driven by hotter-than-expected US Producer Price Index (PPI) data.
This downward pressure was a dominant theme throughout the day, as a global bullion sell-off intensified. While some reports noted gold remaining steady at points, the overriding sentiment was one of caution and decline. For Indian consumers, 24K gold was available at approximately ₹1.55 lakh in Delhi and ₹1.57 lakh in Chennai, reflecting the day's lower trend. The market's focus was squarely on the impending US Federal Reserve press conference, with investors closely watching for cues on monetary policy amidst inflationary signals from the US.
The geopolitical landscape, particularly the US-Iran war uncertainty, presented a complex picture. While such tensions typically bolster gold's safe-haven appeal, gold prices paradoxically failed to sustain a rise and even fell despite the ongoing uncertainty, raising questions among analysts. Domestically, the news of NSE's entry into the gold futures market also created ripples, causing shares of MCX to fall, highlighting the evolving competitive landscape for commodity exchanges in India.
Looking ahead, the gold market remains highly sensitive to both macroeconomic indicators and geopolitical developments. The outcome of the Federal Reserve's announcements will be paramount in determining the immediate direction of gold prices, as will any further escalation or de-escalation of tensions in the Middle East. Investors and jewelry shoppers are advised to remain vigilant, as the interplay of these global factors is expected to continue dictating price movements in the coming days.