Gold and silver prices tumbled sharply on the Multi Commodity Exchange today. Furthermore, the crash arrived on the very first day of Navratri — March 19, 2026. Additionally, gold fell Rs 6,018 or 3.93 percent to trade at Rs 1,47,007 per unit. Moreover, gold touched an intraday low of Rs 1,46,890 during afternoon trading hours. Consequently, silver suffered an even heavier blow during the same session. Furthermore, silver crashed Rs 17,655 or 7.11 percent to Rs 2,30,539 on MCX. Therefore, today marks one of the sharpest single-day falls for precious metals in recent months.
International gold markets mirrored the domestic crash with significant losses today. Furthermore, spot gold dropped 1.1 percent to $4,764.27 per ounce in global trading. Additionally, this represents gold’s lowest level since February 6, 2026 internationally. Moreover, silver also slipped 4.3 percent to $72.14 per ounce in global markets. Consequently, experts point to increased dollar demand as a key driver of this decline. Furthermore, the US dollar strengthened significantly after the Iran attack on February 28, 2026. Therefore, gold has now fallen approximately 9 percent since that geopolitical event triggered dollar demand.
Federal Reserve Decision Triggers the Crash
The US Federal Reserve delivered the most critical blow to gold prices today. Furthermore, the Fed decided to hold interest rates steady between 3.5 percent and 3.75 percent. Additionally, the Fed signalled clearly that it has no plans to cut rates anytime soon. Moreover, high interest rates strengthen the US dollar significantly against other currencies. Consequently, investors prefer parking money in dollar assets and Treasury bonds over gold. Furthermore, when the dollar strengthens, gold loses its appeal as a safe-haven investment immediately. Therefore, the Fed’s hawkish stance directly triggered today’s massive precious metals selloff across global markets.
Check Today’s Gold Rates in Your City
Gold prices fell across every major Indian city today without exception. Furthermore, Delhi residents can buy 22-carat gold at Rs 1,15,792 per 8 grams today. Additionally, 24-carat gold sells at Rs 1,26,382 per 8 grams in the national capital. Moreover, Mumbai shows 22-carat gold at Rs 1,15,672 and 24-carat at Rs 1,26,192 per 8 grams. Furthermore, Chennai buyers can purchase 22-carat gold at Rs 1,16,552 per 8 grams today. Additionally, 24-carat gold costs Rs 1,27,152 per 8 grams in Chennai currently. Moreover, Hyderabad mirrors Mumbai with 22-carat at Rs 1,15,672 and 24-carat at Rs 1,26,192 per 8 grams. Consequently, buyers across India now have access to significantly lower gold prices than last week.
Is This the Right Time to Buy Gold?
Many investors and buyers now wonder whether today’s crash creates a buying opportunity. Furthermore, the sharp fall on the first day of Navratri has attracted considerable attention from buyers. Additionally, festive season demand typically supports gold prices during this period annually. Moreover, the combination of lower prices and festive timing makes today particularly interesting for buyers. Consequently, many experts suggest that patient buyers consider accumulating at these levels carefully. Therefore, those planning gold or silver purchases should monitor prices closely over the coming days.
Expert Says Further Weakness Possible
Enrich Money CEO Ponmudi R delivered a cautious assessment about gold’s near-term direction. Furthermore, he noted that Rs 1,50,000 to Rs 1,52,000 served as a strong support zone for MCX gold. Additionally, the market has now broken below that critical support level completely. Moreover, if gold stays below Rs 1,48,000, further weakness could intensify in coming sessions. Furthermore, silver also broke its critical Rs 2,40,000 support level today, a significant technical warning. Consequently, this breakdown signals that silver prices could fall further in the near term. Therefore, both traders and long-term buyers must exercise caution and patience before making large purchases at current market levels.
