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Silver and Gold prices in India declined on Monday, March 30, as rising crude oil prices and a stronger U.S. dollar weighed on investor sentiment and reduced expectations of interest rate cuts by the U.S. Federal Reserve.

On MCX, silver price fell 0.5% to ₹2,26,798 per kg while gold price lost 1.5% to ₹1,42,100 per 10 grams.

In international markets, spot silver fell 1.3% to $68.67 per ounce, while spot gold declined 0.6% to $4,466.99 per ounce as of 0238 GMT. U.S. gold futures for April delivery also dropped 0.6% to $4,496.30.

Other precious metals, however, showed some resilience. Spot platinum rose 0.3% to $1,868.11, while palladium gained 1% to $1,391.

The decline in precious metals was largely driven by a sharp rise in crude oil prices, which has intensified inflation concerns globally. Brent crude surged above $115 per barrel after Yemeni Houthis launched attacks on Israel over the weekend, further escalating the ongoing conflict. The contract has risen 60% in March, marking a record monthly increase.

The surge in oil prices has raised fears that inflation could remain elevated, thereby reducing the likelihood of monetary easing. Traders are now pricing in minimal chances of a U.S. rate cut this year, a sharp shift from earlier expectations of two rate cuts before the conflict began.

A stronger U.S. dollar also added pressure on bullion prices. The dollar has appreciated more than 2% since the U.S.-Israeli war on Iran began on February 28, making gold and silver more expensive for holders of other currencies and dampening demand.

Geopolitical developments have further added to uncertainty. U.S. President Donald Trump stated in an interview with the Financial Times that he wants to “take the oil in Iran” and could potentially seize the export hub of Kharg Island, signalling a more aggressive stance that could prolong the conflict and keep energy prices elevated.

Although gold is traditionally viewed as a hedge against inflation, the current environment presents a challenge. Elevated interest rates reduce the appeal of non-yielding assets like gold, offsetting the positive impact of inflation and keeping prices under pressure.

more to come…..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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