Gold Prices Extend Decline Amid Strong Dollar and Rising Crude

Authored By HDFC SKY | Last Modified: Mar 13, 2026 04:26 PM IST

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Domestic gold prices in India extended their decline for a second day, tracking a weakness in international benchmarks. Wholesale and investment demand remained subdued as market participants adopted a “wait-and-watch” approach ahead of the financial year-end. Bullion faced sustained pressure from a resurgent US dollar and shifting expectations regarding monetary easing; the intensifying conflict in Iran has sent crude oil prices soaring, stoking inflationary fears that may force the central banks to maintain a hawkish stance for extended period.

While short-term volatility and long unwinding by traders may persist, the outlook remains constructive. Once geopolitical tensions stabilise, a resurgence in central bank acquisitions and retail investment is expected to provide a strong floor for prices.

In the near term, the yellow metal to show consolidation in the near term. MCX Gold April futures has support at 158100 and resistance at 162900 per 10 grams.

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