Gold prices today: Multi-Commodity Exchange (MCX) data showed that the gold prices plunged ₹5,738 per 10 grams or 3.75% during the trading session on Thursday, March 19, amid a stronger US Dollar and weak global trends due to the escalating West Asia conflict between the United States and Iran.
As of 4:12 p.m. (IST), the gold prices tanked 3.75% or ₹5,738 per 10 grams to ₹147,287 per 10 grams on Thursday, compared to ₹153,025 per 10 grams at the previous market close, according to the MCX data.
MCX silver was trading 6.52% or ₹16,190 per kg lower at ₹232,004 per kg as of 4:16 p.m. on Thursday, compared to ₹248,194 per kg at the previous commodity market close, as per the official data.
Analysts predicted that the drop in precious metals was due to the commodities witnessing significant pressure as the stronger US dollar and higher US Treasury bond yields, which reduced the appeal for the ‘safe haven’ asset.
The US-based COMEX gold rates were down 4.2% to $4,690 per ounce as of 7:11 a.m. (EDT), compared to $4,896.20 at the previous market close, according to the exchange data.
US dollar rates
According to the Bloomberg US Dollar spot index, the greenback was at 100.0810 as of 7:11 a.m. (EDT) on March 19, 2026.
Gold prices and US dollar rates have an inverse relationship, as the commodity is globally bought and sold using the currency. Hence, if the price of the US dollar increases, then the appeal for gold drops as the buyers will be able to purchase less of the commodity for the set price.
Since the beginning of the conflict, gold prices have been on a downward trajectory despite the escalating geopolitical tensions in the market.
US Fed’s policy decision
Global gold prices were also trading lower after the US Federal Reserve decided to keep the key benchmark interest rates unchanged at the range of 3.5-3.75%, citing inflation risk and low job growth in the US economy.
The central bank also said that they are yet to analyse how much the ongoing conflict in West Asia will impact the American economy. Along with keeping the rates unchanged, the US Fed also said that it will focus now on the upcoming data for the economy to give a better understanding of the interest rate trajectory.
However, the US Fed’s dot plot showed that there is one rate cut projected for this year, and any policy easing will depend on clear signs of a cooling inflation. All of these factors combined make the gold prices sensitive to macroeconomic data and global dynamics.