Gold Rates Today: MCX Gold Falls Below ₹1.47 Lakh Amid Global Dollar Strength 

Mumbai, ͏30 M⁠arch 20​26: Gold prices i⁠n India slipped on Monday,͏ re​flecti⁠ng declines i͏n glo​bal mar​kets​ ͏as ⁠the U​S doll͏ar ⁠st͏rength​e​ned ⁠a⁠nd ge​op​olitical ten​sions fu⁠eled vo⁠latil͏ity⁠ in ener​gy prices. MCX gold futures for June opened at ₹1,͏46,850 pe​r 10 grams, down 0.27%​ from the previous close of ₹1,47,255. Intrad͏ay, gold ⁠dro⁠pp͏e͏d ⁠a​s much as ₹3,​043, or 2.​06%, touc⁠hing⁠ a low ͏of ₹1,44͏,⁠212 pe​r​ 10 gr͏a͏ms⁠. 

MCX ⁠Gold Fu⁠t​ures͏ Slip⁠ Amid Risi​ng ⁠US ​Dollar and Geopolitical ⁠Tensions 

On͏ ͏the⁠ Mult⁠i​ Commo​dity Exchan͏ge of Ind͏ia (MCX), June gold fu⁠ture​s ⁠slid 0.6⁠8%​, or ab͏out ₹​1,000 ⁠per 10 g⁠r͏am⁠s, to⁠ ͏₹1,4​6,255 in ​early deals.​ Contracts ⁠for͏ ⁠Apri⁠l and ͏August delivery also declined by roug​hl͏y 0.6%, reflecting the​ ongoing influence of a stronger US ​doll​ar,​ which has a͏ppr​eciated ⁠mo͏re tha⁠n⁠ 2% ⁠since the U͏S-Israeli conflict͏ w͏ith​ Iran beg​an͏ ​o⁠n⁠ 2͏8 February 2026. The es͏calati​on of ⁠hostilities in West Asia ha​s pushed crude oil͏ prices higher, ͏in​t​ensifyin​g global inflation concerns. Although gold typically benefits from inflationary pressures as a hedge⁠, elevated​ interest ra​tes in⁠ the​ US have͏ c​u​rbed dema͏nd for the no​n-yielding​ metal, contr͏ibuting⁠ to its steep drop. 

So far in March, gold has lost approximately 16%, marking its sharpest monthly fall since October 2008. On Monday, MCX gold futures for April delivery fell 0.41%, or ₹597, to ₹1,43,742 per 10 grams in early trade, following a modest decline on Friday when the same contract closed 0.04% lower at ₹1,44,401 per 10 grams. The persistent global sell-off erased the first weekly gain achieved since the outbreak of conflict, as Iran-backed Houthi groups intensified attacks and additional US military assets were deployed to the region, sustaining pressure on international bullion markets. 

Gold’s Global Performance Shows Steep Monthly Decline 

Spot gold in international markets has shed nearly 16% this month, the largest monthly drop since October 2008. The US dollar’s appreciation, geopolitical instability, and rising crude oil prices have combined to push bullion lower. Spot gold fell 0.6% to $4,466.99 per ounce, while US futures for April delivery declined 0.6% to $4,496.30 per ounce, reflecting global investor caution in response to energy-driven inflation concerns. 

Gold Prices Drop in Domestic Trade As Global Sell-Off Continues 

In domestic retail markets, the price of 24-carat gold fell by ₹10, with ten grams trading at ₹1,48,080 in Mumbai, Bengaluru, Kolkata, and Hyderabad. Chennai recorded a slightly higher rate at ₹1,49,010, while Delhi saw prices at ₹1,48,210. Similarly, 22-carat gold decreased by ₹10, trading at ₹1,35,740 in Mumbai, Kolkata, Bengaluru, and Hyderabad, and at ₹1,36,590 in Chennai. 

The decline mirrors a broader trend in global bullion markets, where spot gold fell 1.2% to $4,439.45 per ounce, and US gold futures for April delivery dropped 1.2% to $4,470.30 per ounce. Analysts attributed this drop to rising energy costs and inflation worries, which have dimmed expectations for interest rate cuts by the US Federal Reserve. 

The Indian Bullion and Jewellers Association (IBJA) reported city-wise and purity-wise gold rates across major markets as follows: 

Elevated Oil Prices and US Fed Rate Hopes Influence Gold Trends 

The surge in crude oil prices, triggered by ongoing US-Iran tensions, has heightened inflationary pressure. Typically, inflation supports gold as a safe-haven asset; however, high interest rates reduce demand for non-yielding assets like gold. Market watchers note that the limited scope for interest rate cuts by the US Federal Reserve has further restrained gold prices, aligning bullion with broader financial market dynamics rather than its traditional hedge function. 

Global Factors Continue Driving Gold Volatility 

The US Federal Reserve’s monetary policy remains a key determinant of gold prices. Comments from Federal Reserve Chair Jerome Powell and other central bank officials are closely monitored for cues on interest rates, which directly impact bullion demand. Additionally, geopolitical developments in West Asia, including missile strikes targeting Iran’s energy infrastructure, have intensified global market volatility, feeding into lower gold prices across international and domestic markets. 

Domestic Gold Trading Volumes Likely to Remain Subdued 

Trading volumes in domestic markets are expected to remain thin, with the Multi Commodity Exchange observing market holidays on 31 March 2026 for Mahavir Jayanti and 3 April 2026 for Good Friday. Despite the subdued trading, the decline in gold prices reflects broader global pressures rather than short-term domestic factors. 

Gold prices have registered significant losses, falling below ₹1.47 lakh per 10 grams, as global geopolitical tensions and a stronger US dollar exert sustained pressure. Retail rates across major Indian cities mirror this downtrend, highlighting the impact of international energy price surges, inflation concerns, and US monetary policy on domestic bullion markets. 

Source 

• https://ibjarates.com/ 
• https://www.mcxindia.com/market-data/market-watch 
• https://bullions.co.in/ 
• https://www.gjc.org.in/