New Delhi: Gold and Silver prices recorded a decline for the second consecutive day on Thursday, i.e., March 12, 2026. today. Amid the West Asia crisis, crude oil prices have bene soaring, while the strength of the dollar has reduced the value of Gold and Silver. The weakness in the international market also hit the Indian market. On MCX, Gold for April delivery initially opened 0.62% higher at Rs 1,62,799 per 10 grams. Later, Gold declined on MCX by Rs 316 to Rs 1,61,473 per 10 grams.
The price of spot Gold declined 1.59% to $5,149.98 per ounce. Meanwhile, US gold futures for April delivery were also seen trading down 0.2% at $5,171.40 per ounce. According to the bullion website, the price of 24-carat gold was available at Rs 1,63,520 per 10 grams on 12 March. It recorded an increase of Rs 910.
Gold price Opening bullion rates on Thursday are as follows: Price of 1 gm pf 22-karat Gold: Rs 14,970, 1 gram of Gold 18 karat priced at Rs 12,700.00.
Gold Market Update – Key Factors Behind the Current Correction
Margins on major exchanges have increased significantly, making trading more capital intensive. This has reduced speculative participation and slowed fresh buying momentum in gold.
The international markets are under pressure due to geopolitical tensions and Middle East war-related uncertainty. Kedia Advisory stated that investors facing losses in equities often sell gold and silver to cover margin calls or rebalance portfolios, leading to short-term selling pressure in bullion.
The demand in gold is stabilising after a record rally over the past one year. While long-term investors remain positive, aggressive fresh inflows have slowed, which is keeping prices in a consolidation phase, the financial advisory group said.
Gold jewellery demand is always high in India as it connected to the culture and emotions. With festivals and wedding demand approaching, physical demand is expected to provide a price floor.
The recovery in the US Dollar Index has also weighed on bullion prices. A stronger dollar generally reduces global demand for gold and puts pressure on international prices.
Gold price forecast
Kedia Advisory said International gold currently has strong support near $5,000 and resistance around $5,400. Unless geopolitical tensions escalate further, gold is likely to remain range-bound.
In India, rupee weakness is providing some support, but overall sentiment remains slightly weak, with prices expected to trade between Rs 1,55,000 – Rs 1,65,000 in the near term, it further said.