On Thursday, March 12, 2026, gold and silver prices declined on the Multi Commodity Exchange of India (MCX). Gold was trading at ₹1,61,660 per 10 grams, while silver fell to ₹2,66,969 per kilogram. Notably, in just the last two days, silver prices have dropped by more than ₹10,000, while gold has declined by around ₹1,500. Usually, prices of precious metals rise during periods of geopolitical tension, but this time macro-economic factors appear to be putting pressure on prices.
Several domestic and global factors are contributing to the fall in gold and silver prices:Rise in crude oil prices:Crude oil has reached new highs, impacting the broader commodities market. Supply disruptions caused by tensions in the Middle East have pushed oil prices upward.Investors moving toward the dollar:The escalating conflict involving the United States, Israel, and Iran has led investors to shift toward dollar-denominated assets, reducing demand for gold and silver.Profit booking:Since prices were already near record highs, investors began selling to lock in profits after the recent surge, resulting in a price correction.
Alternative investment options:Investors are also moving toward other safe-haven and strategic assets such as the US dollar, crude oil, and defense sector stocks, which is affecting demand for precious metals.MCX Price Trend This WeekWednesday: Gold closed at ₹1,61,976 (per 10g) and silver at ₹2,69,211 (per kg).Tuesday: Gold closed at ₹1,63,201, while silver was at ₹2,77,000.Monday: Gold was at ₹1,60,387 and silver at ₹2,67,600.Retail Prices in Delhi Today24-carat gold: ₹1,63,470 per 10 grams22-carat gold: ₹1,49,860 per 10 gramsSilver (1 kg): ₹2,89,900
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