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Gold, silver rate crash today LIVE: The gold and silver prices took a sharp beating on Monday, March 23, as the escalating war in the Middle East further stoked crude oil prices, raising fears of inflation and higher for longer interest rates by the US Federal Reserve.

Gold prices tumbled as much as 10% in the domestic futures market on the MCX to below ₹130,000 per 10 grams. Meanwhile, silver futures tanked almost 12% and slipped below ₹2,00,000 lakh at day's low. The selloff was visible in the international markets, too.

The steep decline is being attributed to rising inflation concerns and a surge in crude oil prices, which have weighed on the global economic outlook. Additionally, a stronger US dollar and higher bond yields have triggered liquidity-driven selling, reducing gold’s appeal as a safe-haven asset.

Analysts note that the sell-off has been driven largely by forced liquidation and cash-raising by institutional investors, particularly from the Gulf region. In times of heightened uncertainty, investors often sell highly liquid assets like gold to raise cash, rather than holding them as safe havens.

This should not be interpreted as a failure of gold as a hedge, but rather as a phase where liquidity stress temporarily overrides its defensive appeal, said Anindya Banerjee, Head of Commodity and Currency Research, Kotak Securities.

Track this space for LIVE updates on gold, silver prices crash today

Gold and silver prices on MCX and US spot markets recovered sharply after US President Donald Trump postponed military strikes on Iranian power plants.

US spot gold prices were down 2.6% as against 5% fall earlier. Meanwhile, MCX gold prices have recovered after a 10% fall and were down 3% last.

President Donald Trump said on Monday the U.S. has had good and productive conversations with Iran and he will order the military to postpone any military strikes against Iranian power plants and energy infrastructure for five days.

Trump's move followed a threat by Iran to attack Israel's power plants and those supplying U.S. bases across the Gulf region if the U.S. targets Iran's power network.

Silver is underperforming gold due to its dual nature—monetary and industrial. With higher energy prices raising concerns about global growth, expectations for industrial demand weaken, putting additional pressure on silver relative to gold.

Gold and silver have not lost their safe-haven character. However, their recent behaviour is being driven more by global liquidity conditions than by traditional risk aversion.

The market is currently experiencing a dollar liquidity squeeze, triggered by elevated energy prices and rising U.S. bond yields. This has increased the global demand for dollars, tightening financial conditions. In such an environment, investors are often forced to raise cash and reduce leverage, leading to the selling of even traditional safe-haven assets like gold.

This should not be interpreted as a failure of gold as a hedge, but rather as a phase where liquidity stress temporarily overrides its defensive appeal.

— Anindya Banerjee, Head of Commodity and Currency Research, Kotak Securities

Silver prices on the MCX crashed below ₹2,00,000 on the MCX today as the rates slumped 11.9% in intraday trading. Prices have taken a beating amid the escalating tensions in the Middle East, which are driving crude oil prices and US dollar rates higher. From all-time high levels, silver prices have crashed 50%.

Gold prices have witnessed significant weakness, slipping below $4300, down 5.5% (~$250), while on MCX prices have corrected sharply by around ₹11,000 to ₹133700 (~7.5%). The decline is largely driven by rising inflation risks, which are altering expectations around the rate cut cycle, with markets now pricing in a more prolonged higher interest rate environment.

Additionally, persistent geopolitical tensions in Western Asia are keeping crude prices elevated, further reinforcing inflation concerns and weighing on gold sentiment. Despite gold’s traditional safe-haven appeal, the current macro setup—strong dollar and higher yields is exerting downward pressure on prices.

From a technical and macro perspective, downside levels of $4000 and $3600 remain open in the short term. However, if there is any meaningful de-escalation in geopolitical tensions and clarity on rate cuts, gold could witness a sharp recovery, with $5000 not ruled out on the upside.

— Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities

Gold prices fell sharply as rising inflation concerns and expectations of higher interest rates continued to weigh on bullion, even as the U.S.-Israel conflict with Iran showed no signs of easing.

Markets now expect that sustained high oil prices could force central banks to adopt a more hawkish stance, limiting the appeal of non-yielding assets like gold. The shift in rate expectations has been notable, with markets moving from pricing in multiple rate cuts earlier to now factoring in a pause and even a small probability of a rate hike in upcoming Federal Reserve meetings.

— Manav Modi Commodities Analyst Motilal Oswal Financial services Ltd

Gold wiped out this year’s gains, falling for a ninth day as the war in the Middle East added inflationary risk and raised expectations for higher interest rates.

Bullion plunged nearly 5% to below $4,300 an ounce during Asian trading hours. Since the conflict began, surging energy prices have reduced prospects for near-term interest-rate cuts by the US Federal Reserve and other central banks. This is a headwind for non-yielding gold, which has just posted its biggest weekly drop since 1983.

MCX gold prices crashed ₹14,897, or 10.3 per cent, to ₹1,29,595 per 10 grams The yellow metal has now declined by ₹63,501, or nearly 33 per cent, from its all-time high of ₹1,93,096 per 10 grams recorded on January 29, 2026.Saloni Goel has over nine years of experience as a business journalist, with a strong track record of covering the financial markets. Over the course of her career, she has reported extensively on global and domestic equities, IPO market activity, commodities, and broader macroeconomic trends. Her reporting reflects a keen eye for detail, data-driven analysis, and the ability to spot emerging themes early.

At Mint, Saloni has been part of the markets team for nearly two years, where she currently works as Chief Content Producer. In this role, she plays a key part in shaping market coverage, driving editorial strategy, and ensuring timely, accurate, and insightful reporting across. She has been closely involved in breaking news coverage and in crafting stories that help decode the complex financial developments.

Before joining Mint, Saloni worked with some of India’s leading business newsrooms, including The Economic Times and Business Standard. Throughout her career, she has worn multiple hats—ranging from reporting and editing to contributing in-depth features and identifying new storytelling formats and market trends.

Her experience in fast-paced digital newsrooms has given her an edge in simplifying complex market concepts without losing analytical depth. Outside of work, Saloni enjoys reading books and spending time with her pet.

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