Gold and silver prices declined sharply on Tuesday, falling over 4 per cent as easing tensions in West Asia reduced demand for safe-haven assets after the US signalled a pause in potential strikes on Iran’s energy infrastructure.
On the Multi Commodity Exchange (MCX), gold futures for April 2 dropped nearly 2 per cent, falling by Rs 2,576 to hit an intra-day low of Rs 1,36,684 per 10 grams. The metal later traded around Rs 1,37,100, down Rs 2,160 or 1.5 per cent.
Silver futures for May 5 also plunged 4.73 per cent, declining by Rs 10,667 to Rs 2,14,500 per kg during the session.
In global markets, COMEX gold fell 1.6 per cent to $4,368.76 after touching an intra-day low of $4,340. Meanwhile, COMEX silver declined about 4 per cent to $66.56 after slipping to $66.16.
Trump’s remarks on ‘productive’ US-Iran talks pressured precious metals, as he delayed strikes on Iranian energy infrastructure for five days.
Iran’s parliamentary speaker, Mohammad-Bagher Ghalibaf, denied any negotiations, calling such reports ‘fake news’ aimed at influencing financial and oil markets.
2/ No negotiations have been held with the US, and fakenews is used to manipulate the financial and oil markets and escape the quagmire in which the US and Israel are trapped.
— محمدباقر قالیباف | MB Ghalibaf (@mb_ghalibaf) March 23, 2026
Analysts said COMEX gold is trading in the $4,300–$4,380 range after a sharp correction, with the broader trend remaining weak despite intermittent safe-haven support.
Immediate resistance lies at $4,470–$4,500, while a break below $4,250 could push prices towards $4,100.
MCX gold holds above Rs 1,36,000 but remains weak, with resistance at Rs 1,39,000–1,40,000 and risk of falling to Rs 1,30,000.
COMEX silver stays under pressure below $68–70, while MCX silver trades in a bearish range of Rs 2,15,000–2,20,000.
Also Read: Oil Prices Jump Over 4% Despite Trump Pause On Iran Strikes
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