Gold prices tumbled over 6 per cent on Monday, March 23, 2026, reaching their weakest level this year as the precious metal has witnessed its worst week in over 40 years, with the spot gold price dropping to USD 4,215.18 per ounce with a fall of 6.18 per cent, its lowest since December 11. The precious metal, which once touched an all-time high of USD 5,595.51, has been under pressure due to the ongoing war between the US, Israel, and Iran.
Is the worst over yet?
According to experts, the broader trend remains bearish, but the ongoing geopolitical tensions are providing intermittent safe-haven support, preventing a deeper downside in the immediate term.
“On the upside, the $4,400–$4,500 range remains a critical resistance band. A sustained move above $4,650 could extend the rally toward $4,850–$4,900, where stronger supply is expected. On the downside, a break below $4,250 could accelerate weakness toward $4,100–$4,150. The structure remains cautious as long as prices trade below key resistance zones,” said Ponmudi R, CEO of Enrich Money.
According to NS Ramaswamy, Head of Commodity & CRM at Ventura, gold may trade in a moderately bearish to sideways range in the coming weeks, with prices likely to stabilise after the recent sharp decline but remain prone to volatile intraday swings.
Gold, silver prices on MCX
Gold and silver prices fell sharply in the futures market on Monday. The gold April 2 contract on the Multi Commodity Exchange (MCX) opened with a dip of Rs 4.334 or 2.99 per cent at Rs 1,40,158 per 10 grams against the previous close of Rs 1,44,492. It later fell to a low of Rs 1,29,595, a dip of Rs 14,897 or 10.3 per cent. Last seen, it was trading at Rs 1,33,700, down Rs 10,792 or 7.47 per cent.
Similarly, the silver futures, maturing on May 5, 2026, started the session in the red. It started the trading session at Rs 2,11,729 against the previous close of Rs 1,99,643, a fall of Rs 9,070 or 3.99 per cent. Later, it touched the low of Rs 2,11,729, a fall of 27.129 or 11.96 per cent.
(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
