Gold rates and silver rates in India continued to crash on March 24, 2026, as crude oil prices gained momentum on Tuesday. MCX gold is struggling around Rs 1.37 lakh, while MCX silver is trading below Rs 2.18 lakh mark.
Both precious metals have dropped by 2% to 4% in the early trade.
Meanwhile, physical gold price also plunged but the decline was slower compared to worst performance of yesterday. 10 grams in 24 carat dropped by Rs 2,940 to Rs 1,40,350, while this gold plunged by Rs 2,700 to Rs 1,28,650 in 22 carat and was down by Rs 2,210 to Rs 1,05,260 in 18 carat.
Meanwhile, spot gold has dropped nearly 2% to trade around $4,340 per ounce and silver price plunged by 3.5% to trade between $66-67 per ounce.
Brent crude and US WTI futures are up by 4-5% to trade around $105 per barrel and $92 per barrel.
Precious metals remain under pressure after Tehran dismissed President Donald Trump’s announcement as an attempt to influence financial markets and launched new attacks on US targets, while Israel continued strikes against Iran. On Monday, gold had staged a sharp intraday rebound after Trump postponed planned US strikes on Iranian energy infrastructure and claimed negotiations were underway. The outcome of any talks and the potential reopening of the Strait of Hormuz remain highly uncertain, keeping inflation risks elevated. Gold had dropped as much as 25% from its March peak as rising energy prices fueled inflation concerns and bolstered expectations of interest rate hikes.