Gold and silver became cheaperImage Credit source: ai generated
There has been huge turmoil in the bullion market on the very first trading day of the week. The sharp rise in prices in the last session turned into profit booking as soon as the market opened on Monday. Both the precious metals have started with a big decline on the Multi Commodity Exchange (MCX). Especially a sharp decline has been recorded in the prices of silver, due to which there has been increased panic among investors. In one fell swoop, silver fell by more than Rs 8,000, while gold also became cheaper by about Rs 1,000.
What is the situation on MCX?
On Monday, recession was clearly visible in the futures market. On MCX, gold futures for April 2026 fell by Rs 1,000 or 0.64% to Rs 1,54,905 per 10 grams. But silver has given the biggest blow. There has been a huge fall of 3.3% in the prices of silver for delivery on March 5, 2026. It fell by Rs 8,265 to Rs 2,36,100 per kg.
The impact of the international market is clearly visible on the Indian market. There too, spot gold fell 0.4% to $ 5,020.10 an ounce, whereas in the previous session it was up 2.5%. Silver is also trading down 0.6% at $ 76.92 an ounce.
Why was there panic in the market?
Manoj Kumar Jain of Prithvi Finmart says that the global financial markets are currently going through a period of extreme instability. The main reasons behind this are said to be ‘AI-led shocks’ and selling in global equities. This has had a direct impact on precious metals, due to which sharp fluctuations in prices are being seen.
Apart from this, geopolitical tensions like changes in the dollar index and ongoing talks between America and Iran are also determining the direction of the market. Experts believe that this instability may continue for some time. Technically speaking, silver can get support at $ 65 per ounce, while gold can stabilize at the level of $ 4,770.
Buy Now or Wait?
The biggest question in the minds of investors is what to do in a falling market. Manoj Kumar Jain advises that buying strategy can be adopted if gold falls. He has suggested that buying gold in the range of Rs 1,54,000 to Rs 1,53,300 can be a profitable deal. For this, a target of Rs 1,56,600 to Rs 1,57,500 can be set, but do not forget to put a stop loss below Rs 1,52,000.
However, his opinion regarding silver is to be a little cautious. There is a lot of volatility in silver, hence it is advised to avoid trading in it at present. The support level for silver is between Rs 2,38,8002,32,000 and resistance between Rs 2,49,1002,55,000.
What is the price of gold today in your city?
Even in the spot market, the effect of prices is being seen in different cities. If you are going to buy gold today, take a look at the rates in major cities:
The price of 22 carat standard gold in Delhi is Rs 1,15,792 (per 8 grams), while 24 carat pure gold is Rs 1,26,312. In Mumbai, 22 carat gold is available at Rs 1,15,672 and 24 carat gold is available at Rs 1,26,192 per 8 grams. The prices are slightly different in Chennai, there you will have to pay Rs 1,16,472 for 22 carat and Rs 1,27,064 for 24 carat. At the same time, prices in Hyderabad are similar to Mumbai.
