Gol͏d Pri͏ces Cross ₹1.6͏1 Lakh on MCX as US-͏Iran War and͏ Weak ͏Dollar Lift͏ Bullion

Mumbai, March 10: Go͏ld prices moved higher in ͏domest͏ic markets on Tuesday, tr͏acking gains i͏n global bu͏llion as a weaker US dollar and e͏scalating geop͏olitical tens͏ions͏ in the Midd͏le East boos͏ted safe-haven demand͏. On the͏ Mul͏ti C͏ommod͏ity ͏Exch͏ange (MCX), gold͏ f͏utures͏ crosse͏d the͏ ₹1.͏61 lakh͏ ͏per 10 grams ͏mark during e͏arly trade, w͏hile͏ interna͏tional pric͏es hovere͏d around ͏the $5,100 p͏er ͏ounc͏e level amid continued͏ uncert͏ainty surrounding the ongoing US͏-Iran͏ war.

͏MCX Gold ͏Future͏s Rise͏ ₹1͏,͏444 to ₹1,61,7͏43 Per 10g

Gold futures on the Multi Commodity E͏xchange (M͏C͏X) for͏ Apri͏l 20͏26 delivery opened h͏i͏gher by ₹1,444 o͏r 0.90% at ₹1,61,͏743 per 10 ͏gr͏ams͏, compared with the previous clo͏s͏in͏g level of ₹͏1͏,60,29͏9. Prices maintained ͏their upward ͏mo͏mentum after the openin͏g session and were ͏trading͏ at ₹1,61,6͏07, ref͏lecting͏ ͏a ga͏in of ₹͏1,308 or͏ 0.82% during the morning trade.

The precious metal also touched an intraday high of ₹1,61,791 per 10 grams, signalling sustained buying interest in bullion contracts. Domestic gold prices often mirror global price movements, while also reflecting currency fluctuations, import duties, and changes in international commodity markets.

Global Gold Near $5,131 Per Ounce as Markets Stay Cautious

In the international market, gold prices remained largely stable as traders monitored developments linked to geopolitical tensions in the Middle East. Spot gold prices eased 0.1% to $5,131.24 per ounce, while US gold futures for April delivery rose 0.7% to $5,141.40 per ounce.

The precious metal continued to trade close to recent highs as investors weighed geopolitical risks alongside broader macroeconomic factors. Market participants remained cautious after US President Donald Trump indicated that the conflict between the United States and Iran might be nearing completion, even as tensions remained elevated.

Despite the cautious tone, gold maintained support levels above the $5,100 per ounce threshold, reflecting the continued role of bullion as a safe-haven asset during periods of geopolitical and economic uncertainty.

US Dollar Falls 0.4%, Making Bullion Cheaper Globally

Currency movements played a key role in supporting gold prices on Tuesday. The US dollar declined 0.4%, which made dollar-denominated commodities such as gold more affordable for holders of other currencies.

Because gold is traded globally in US dollars, any weakening of the currency generally increases the purchasing power of international buyers. This dynamic often contributes to higher demand in the bullion market, particularly during periods when geopolitical risks or economic uncertainties are present.

As a result, the softer dollar provided additional support to gold prices in both international and domestic markets.

US-Iran War Disrupts Strait of Hormuz, Raising Oil Prices

Geopolitical developments in the Middle East also remained a key factor influencing commodity markets. The ongoing US-Iran war has effectively disrupted shipping through the Strait of Hormuz, a critical maritime passage through which nearly one-fifth of the world’s oil and liquefied natural gas supplies pass.

The disruption has pushed crude oil prices sharply higher in global markets, increasing concerns about energy supply and broader inflationary pressures. Rising energy costs can affect several sectors of the global economy and often influence movements in commodity markets, including precious metals.

The uncertainty surrounding the conflict has kept investors focused on developments in the region, as any prolonged disruption to energy supply chains could continue to impact global commodity prices.

Domestic Gold Rates Near ₹1.62 Lakh Across Major Cities

Gold prices in India’s retail market remained elevated across key metropolitan centres. The price of 24-carat gold was around ₹1,62,380 per 10 grams, while 22-carat gold was priced near ₹1,48,190 per 10 grams, excluding Goods and Services Tax (GST) and making charges.

Prices across cities such as Delhi, Mumbai, Chennai, Hyderabad, Bengaluru, Pune, and Kolkata showed only marginal variations, largely trading around the ₹1.62 lakh per 10 grams level for 24-carat gold.

Gold prices in India are influenced by a combination of international bullion rates, import duties, taxes, and fluctuations in the rupee-dollar exchange rate. These factors together determine the daily retail price of gold across different regions of the country.

Inflation Concerns and Interest Rate Outlook Influence Bullion

Rising crude oil prices linked to the Middle East conflict have also increased concerns about global inflation. Higher energy costs can contribute to broader price pressures across economies, which often influences monetary policy decisions by central banks.

Expectations surrounding interest rate decisions by the US Federal Reserve remain an important factor for bullion markets. Gold is widely regarded as a hedge against inflation, but it does not generate interest income. As a result, changes in interest rate expectations can influence its attractiveness relative to other financial assets.

The interplay between inflation concerns, currency movements, and geopolitical developments continues to shape short-term movements in global gold prices.

Gold prices remained elevated on March 10, 2026, with MCX gold futures trading above ₹1.61 lakh per 10 grams while international prices hovered near $5,100 per ounce. Market movements were influenced by a 0.4% decline in the US dollar, geopolitical tensions linked to the US-Iran war, and rising crude oil prices following disruptions in the Strait of Hormuz, factors that continue to affect global commodity markets and bullion pricing.