On a Monday morning in mid-March 2026, the price of gold and silver on India's Multi Commodity Exchange slipped as traders weighed unsettled events in West Asia. It is the familiar rhythm of precious metals, where a rally fueled by fear pauses to catch its breath and the market tests where its footing lies. Whether this is a passing rest or the start of a deeper retreat, the analysts who watch these numbers are still reading the same larger story of uncertainty that has drawn people toward gold for centuries.
Gold Slides to Rs 1.56 Lakh per 10 Grams on MCX as West Asia Tensions Weigh on Precious Metals
A decisive break below Rs 1,57,000 could intensify the downside
Mark
Gold fell about 1.3 per cent on MCX. Is that a big move?
Mimi
It's notable for one session, but the report frames it as consolidation after a rally driven by geopolitics. The April contract went from Rs 1,61,634 to a low of Rs 1,56,254.
Mark
Why would West Asia tensions push gold down? Isn't it usually a safe haven?
Luke
The report doesn't explain that. It says investors were tracking the developments and that prices fell, but it doesn't spell out the mechanism. Anything beyond that is inference.
Mimi
What it does say is that the fall follows a recent geopolitics-driven rally, so some of this may be prices cooling off.
Mark
What's the level traders are watching?
Mimi
Rs 1,57,000. An analyst named Ponmudi said a decisive break below it could take gold toward the Rs 1,55,000 to Rs 1,50,000 zone.
Luke
And the contract was already trading near Rs 1,56,400 by midday, so that level had at least been tested. Still, that's one analyst's view, not a forecast we can verify.
Mark
Silver fell more than gold, right?
Mimi
Yes, down to Rs 2,53,472 per kg, a 2.29 per cent fall at the low.
Luke
Be careful with the numbers, though. The report's rupee figures for a couple of those falls don't match the stated prices, so the percentages are the more reliable guide.
Mark
And retail buyers?
Mimi
Delhi paid Rs 1,59,300 for 24-carat gold, Chennai Rs 1,61,010. Retail rates differ from futures, so they move on their own terms.
Le Pouls
- Gold futures on the MCX dropped more than 1.3 percent, sliding toward Rs 1,56,254 per 10 grams and pulling the market away from last Friday's close.
- Silver took the harder hit, falling past 2 percent to Rs 2,53,472 per kg as sellers pressed on after the open.
- Traders are anxiously watching the Rs 1,57,000 line, a level that has already been breached and now acts as the marker for whether the slide deepens.
- Analysts point to a possible drop toward the Rs 1,55,000 to Rs 1,50,000 support zone, yet they still see the broader bullish trend holding firm for now.
On a Monday morning in mid-March 2026, the price of gold and silver on India's Multi Commodity Exchange slipped as traders weighed unsettled events in West Asia. It is the familiar rhythm of precious metals, where a rally fueled by fear pauses to catch its breath and the market tests where its footing lies. Whether this is a passing rest or the start of a deeper retreat, the analysts who watch these numbers are still reading the same larger story of uncertainty that has drawn people toward gold for centuries.
On Monday, March 16, 2026, gold futures on the Multi Commodity Exchange opened lower and kept sliding. The April contract began the session at Rs 1,57,347 per 10 grams, then touched a low of Rs 1,56,254, about 1.39 per cent below Friday's close of Rs 1,61,634. Investors were watching developments in West Asia, and that unease shaped the day's trading.
Silver fell harder. The May futures opened at Rs 2,55,101 per kg and dropped to Rs 2,53,472, a decline of 2.29 per cent. Overseas, the move was gentler: COMEX gold slipped about 0.96 per cent to near USD 5,013 per troy ounce.
Analyst Ponmudi described the session as consolidation after a geopolitically driven rally. He warned that a decisive break below Rs 1,57,000 could drag prices toward the Rs 1,55,000 to Rs 1,50,000 zone, but said the broader bullish bias holds as long as key structural supports stay intact.
For buyers on the ground, retail prices in Delhi, Mumbai and Kolkata were slightly below the futures highs, with 24-carat gold at about Rs 1,59,000 per 10 grams and silver at Rs 2,70,000 per kg. The figures are informational and not investment advice.
On the morning of Monday, March 16, 2026, gold futures on the Multi Commodity Exchange opened lower and kept sliding. The April 2 contract started the session at Rs 1,57,347 per 10 grams, a drop of Rs 1,119, or 0.70 per cent, from the previous close of Rs 1,61,634. Investors were watching developments in West Asia, and the precious metals market was trading lower as they did.
The slide did not stop at the open. The contract later touched a low of Rs 1,56,254, which is Rs 2,211 or 1.39 per cent below Friday's close. When last seen it was trading at Rs 1,56,423, down 1.29 per cent. The source gives the rupee fall at that point as "Rs 2,04", which looks like a typographical slip, so the percentage is the safer figure to rely on.
Further out on the curve, the June 2026 gold futures were down Rs 2,198, or 1.35 per cent, at Rs 1,61,208 per 10 grams. That contract had traded on a turnover of 3,254 lots.
Silver fell harder. The futures maturing on May 5, 2026 opened at Rs 2,55,101 per kg against a previous close of Rs 2,59,435, a fall of Rs 4,334, or 1.67 per cent. They then dropped to a low of Rs 2,53,472, a decline of 2.29 per cent. The source lists that fall as 5,963 rupees, a figure that does not quite match the prices quoted for the open and the previous close.
Overseas, the picture was a little gentler. COMEX gold was down 0.96 per cent at roughly USD 5,013.3 per troy ounce. Spot gold at 11 am stood at USD 5,005.54 per ounce, off by USD 13.80, or 0.27 per cent.
Experts quoted in the report described the move in domestic gold futures as consolidation after the recent rally driven by geopolitics. One of them, identified as Ponmudi, said a decisive break below Rs 1,57,000 could deepen the downside pressure. In that case the correction might extend toward a support zone between Rs 1,55,000 and Rs 1,50,000. Ponmudi added that the broader bullish bias stays intact as long as key structural support levels hold, helped by favourable macroeconomic tailwinds.
For buyers on the ground, retail rates in the major cities sat a little below the futures-driven highs. In Delhi, 24-carat gold was quoted at Rs 1,59,300 per 10 grams and 22-carat at Rs 1,46,050. Mumbai and Kolkata shared the same numbers: Rs 1,59,170 for 24-carat and Rs 1,45,900 for 22-carat. Chennai was the most expensive of the four, at Rs 1,61,010 for 24-carat and Rs 1,47,590 for 22-carat.
Silver at the retail level was priced at Rs 2,70,000 per kg in Delhi, Mumbai and Kolkata, and Rs 2,79,000 in Chennai. The report carries the standard caution that it is informational and not investment advice. The level to watch is Rs 1,57,000 on the April gold contract, which had already traded below it by midday.
Citations marquantes
A decisive break below Rs 1,57,000 could intensify downside pressure, but the broader bullish bias remains intact while key structural supports hold.— Ponmudi, market expert
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