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Silver rate today: Silver price in India extended their sharp fall on Monday, March 23, as rising geopolitical tensions in the Middle East rattled global markets and pushed investors away from precious metals.

On the domestic front, MCX silver prices extended its decline, cracking 12% or ₹27,129 at ₹1,99,643 per kg, while MCX gold also slipped 10.3% or ₹14,897 to ₹1,29,595 per 10 gram, tracking weakness in global markets.

In the international market, spot silver declined 8.9% to $61.76 per ounce, while spot gold fell 5.8% to $4,226.16 per ounce as of 0633 GMT, its lowest since December 11, and extended losses into a ninth straight session. U.S. gold futures for April delivery fell 7.5% to $4,231.80.

Other precious metals also remained under pressure. Spot platinum slipped 9% to $1,749.31 and palladium shed 5.2% to $1,330.50.

The recent decline in gold and silver is being driven by a mix of geopolitical tensions, rising oil prices, and shifting interest rate expectations.

Crude oil prices have surged above $110 per barrel, raising concerns about inflation globally. Higher inflation typically forces central banks, including the U.S. Federal Reserve, to delay interest rate cuts or even keep rates higher for longer.

This creates a negative environment for gold and silver, as they are non-yielding assets—meaning they do not offer interest. When interest rates stay elevated, investors tend to move money into interest-bearing instruments instead.

At the same time, the escalating conflict in the Middle East has added another layer of uncertainty. Escalating the three-week-old war, Iran said on Sunday that it would strike the energy and water systems of its Gulf neighbours if US President Donald Trump follows through on his warning to target Iran’s electricity grid within 48 hours.

Iran also warned that it could completely shut a crucial waterway and target energy, IT, and desalination infrastructure if its facilities are attacked.

Trump had issued the warning on Saturday evening (New York time), raising fears of a broader regional conflict and disruption to global energy supplies.

At the same time, reports indicated that the US military is deploying thousands of additional marines and sailors to the Middle East, further intensifying concerns.

This has strengthened the U.S. dollar and Treasury yields, both of which are typically negative for gold and silver. A stronger dollar makes precious metals more expensive for global buyers, further reducing demand.

Silver prices may be under pressure in the near term, but the broader structure of the market still reflects a cautiously optimistic outlook, even as global cues like a stronger dollar and profit booking continue to weigh on sentiment. The recent correction has pushed prices into a consolidation phase, with key support and resistance levels now becoming critical for the next directional move.

Ponmudi R, CEO of Enrich Money, said, “Overall, the broader bullish bias remains intact, supported by a balance between safe-haven demand and industrial demand. However, this outlook would weaken if there is a decisive break below the key $60–$65 support zone, while geopolitical developments and macroeconomic factors are expected to continue influencing price direction.”

He noted that COMEX silver is currently trading in a relatively subdued range of $62–$70, following a sharp correction from earlier highs near the $93–$97 resistance zone. According to him, the decline has largely been driven by profit booking along with the strengthening of the US dollar.

From a technical perspective, he highlighted that the $60–$65 zone remains a crucial demand area. A decisive breakdown below this level could accelerate the downside, potentially dragging prices toward $50 or even lower levels.

On the upside, he indicated that if silver manages to sustain above this support band, it could pave the way for a recovery toward the $75–$80 range. In a more optimistic scenario, extended gains could push prices further higher toward the $85–$90 zone.

Overall, he maintained that while short-term volatility may persist, the interplay of safe-haven demand and industrial consumption continues to support the longer-term outlook for silver, making the current levels important to watch for confirmation of the next trend.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

Pranati Deva is a seasoned financial journalist with over a decade of experience in high-pressure newsroom environments, currently working as a Senior Sub Editor at LiveMint. Over the years, she has developed a reputation for sharp editorial judgement, a strong grasp of market dynamics, and the ability to translate complex financial developments into clear, engaging stories for a wide audience.

Her core areas of coverage include stock markets, leading listed companies, currencies, and commodities, with a particular strength in fast-paced, real-time market reporting. She is known for handling breaking market news, earnings-driven stock movements, and macroeconomic developments with speed, accuracy, and context—qualities that are essential in financial journalism.

Pranati has built a diverse and credible professional track record across some of India’s most respected news organisations, including MintGenie, CNBC-TV18, Business Standard and EconomicTimes.com. During her stints at these platforms, she produced data-driven market stories, curated and steered live blogs during volatile trading sessions, and conducted interviews with market veterans, fund managers, economists, and industry experts. Her work often combines on-ground reporting with analytical depth, helping readers make sense of daily market fluctuations and longer-term trends.

An alumnus of the Symbiosis Institute of Media and Communications and Hansraj College, University of Delhi, Pranati brings a strong academic foundation to her journalism. She specialises in real-time financial reporting, with a keen focus on precision, balance, and insight, aiming to decode market movements in a way that is both informative and accessible to readers across experience levels.

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