Gold, Silver Rates Today LIVE: MCX gold rate rises above ₹1.46 lakh; silver prices off-day’s high

The April futures contract on COMEX gold fell $48, breaking below the $4,600 mark to reach $4,551 per troy ounce on March 20, heading for a third consecutive weekly decline, pressured by elevated energy costs and, in turn, hawkish-leaning messaging from the Federal Reserve.

The May silver contract on COMEX also declined sharply, falling $2.71 per troy ounce to hit a day’s low of $68.50.

Ponmudi R, CEO of Enrich Money, said that for gold, the immediate resistance zone is placed at ₹1,50,000– ₹1,52,000.He added that a breakout above ₹1,53,000 could accelerate momentum toward ₹1,56,000– ₹1,58,000.

On the downside, immediate support lies in the ₹1,36,000– ₹1,41,000 range, and a breakdown could drag prices toward ₹1,30,000. He noted that for traders, a buy-on-dips approach remains valid as long as key support levels hold.

For silver, Ponmudi said that the immediate resistance zone is seen at ₹2,43,000– ₹2,46,000, and a breakout above ₹2,48,000 could lead to a recovery toward ₹2,52,000– ₹2,55,000.

On the downside, ₹2,33,000– ₹2,30,000 is the key support band, and a breakdown may extend the fall toward ₹2,20,000. He added that the near-term bias remains cautious amid global uncertainty.

Gold surged during the 12-day conflict with Iran last year but gave up those gains after a ceasefire was announced.

However, three weeks into the latest conflict, domestic gold prices have dropped ₹15,000 so far this month.

April gold futures had earlier risen from ₹1,62,104 to ₹1,66,074 per 10 grams after the US and Israel launched strikes on Iran on February 28, aligning with the trend that geopolitical turmoil typically drives investors toward traditional safe-haven assets.

Nevertheless, prices have declined sharply since then, with the yellow metal witnessing a steep sell-off, falling to a low of ₹1,45,700 today.

Manav Modi, Commodities Analyst at Motilal Oswal Financial Services, said, “Safe-haven demand for bullion was largely overshadowed by a sharp rally in the US dollar and Treasury yields, as investors positioned for tighter financial conditions.

Oil prices surged to near four-year highs during the week, following continued strikes on Middle Eastern energy infrastructure, raising concerns over sustained supply disruptions and elevated inflation.

In response, global central banks adopted a cautious stance, with the Reserve Bank of Australia hiking rates, while the Federal Reserve, European Central Bank, Swiss National Bank, and Bank of Japan held rates steady and signalled limited scope for easing in the near term.

Additionally, Modi said that market participants are now factoring in up to two rate hikes from the Bank of England this year, further reinforcing expectations of tighter monetary policy and limiting the upside in gold despite persistent geopolitical risks.”

MCX gold and silver prices are heading for their largest weekly decline in over a month, as traders shy away from precious metals. Concerns have mounted that a sharp rise in crude oil prices could lead to prolonged inflation and potentially higher interest rates, overshadowing the deepening tensions in the Middle East, which are now likely to extend into a fourth week.

Higher interest rates tend to increase the relative appeal of yield-bearing assets such as government bonds compared to non-yielding precious metals like gold.

For context, gold surged during the 12-day conflict with Iran last year but gave up those gains after a ceasefire was announced. However, three weeks into the latest conflict, gold prices have dropped ₹15,000 so far this month.

April gold futures had earlier risen from ₹1,62,104 to ₹1,66,074 per 10 grams after the US and Israel launched strikes on Iran on February 28, aligning with the trend that geopolitical turmoil typically drives investors toward traditional safe-haven assets.

Nevertheless, prices have declined sharply since then, with the yellow metal witnessing a steep sell-off, falling to a low of ₹1,45,700 today.

Gold prices were trading higher, with the April futures contract on MCX rising ₹2,233 per 10 grams to ₹1,47,144 as of 5:45 PM.

Earlier in the session, prices touched a day’s high of ₹1,48,457. The yellow metal is attempting to regain strength after a two-day sell-off that wiped out ₹11,031.

Although gold has recovered some of its recent losses, it remains on track for a third consecutive week of declines.

So far this week, prices are down ₹11,243 per 10 grams, while month-to-date losses stand at ₹14,982. If gold closes the month in the red, it will mark the first such decline in 15 months.

Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said, "Gold remained highly volatile, opening with an uptick near $4700 and ₹1,48,000, largely driven by short covering after the sharp sell-off seen in the previous session. However, the bounce lacked follow-through, as fresh selling emerged from higher levels, dragging prices back from ₹1,48,000 to ₹1,46,000."

The broader sentiment continues to remain weak, as key macro triggers are still unfavorable. Interest rates are expected to stay elevated, while ongoing geopolitical tensions are keeping crude prices firm, sustaining inflation concerns and limiting upside in gold.

Overall, gold is likely to remain weak with heightened volatility, with a near-term trading range seen between ₹1,40,000– ₹1,47,000," he further added.

Manoj Kumar Jain of Prithvifinmart Commodity Research, gold has support at $4,540 and $4,470, while resistance is at $4,664 and $4,740 per troy ounce. Silver has support at $68 and $64, while resistance is at $76 and 78.40 per troy ounce in today’s session.

Jain said MCX gold has support at ₹1,41,400 and ₹1,39,500, and resistance is at ₹1,47,200 and ₹1,49,100, while silver has support at ₹2,24,400 and ₹2,17,000 and resistance is at ₹2,38,000 and ₹2,44,000.

We suggest traders could use a dead cat bounce to exit their long positions as the market trend changes to bearish for the short term and wait for some stability in the markets for fresh long positions. Investors are suggested to continue their SIP for a longer-term perspective," said Jain.

The 7% crash in silver prices during Thursday’s session has dragged the metal down by ₹1,88,588 per kilogram from its record high of ₹4,20,048, hit on January 29. The sharp correction marks a significant reversal after a prolonged rally in the white metal.

Between May 2025 and January 2026, silver witnessed a strong bull run, prompting many analysts to revise their target prices upward, as the metal delivered an impressive 200% return during this period. It ended 2025 with a remarkable 170% gain.

The April gold futures contract dropped ₹8,071 per 10 grams to ₹1,44,954 per 10 grams in the previous session, marking its biggest intraday fall since January 30, when the yellow metal had crashed ₹19,750.

The recent decline has pushed the metal to trade ₹35,825 below its record high of ₹1,80,779. It had closed each of the last nine months in the green, with September 2025 emerging as the best-performing month, registering a 13% surge.

Silver prices, too, fell ₹16,734 during Thursday’s trade, registering their largest single-day drop since February 12, when the metal had crashed over ₹26,583.

Gold prices rose on technical buying, but were headed for a third consecutive weekly decline, pressured by a firm US dollar and as a hawkish US Federal Reserve dampened hopes for near-term interest rate cuts. Spot gold price rose 0.6% to $4,675.23 per ounce, rebounding from a near two-month low hit in the previous session. US gold futures for April delivery rose 1.6% to $4,676.90. Spot silver price fell 1.7% to $71.66 per ounce.

Here are gold rates in New Delhi on 20 March

> 24 karat gold rate in New Delhi: ₹1,47,850 per 10 grams

> 22 karat gold rate in New Delhi: ₹1,35,529 per 10 grams

> 18 karat gold rate in New Delhi: ₹1,10,888 per 10 grams

Here are gold rate in Mumbai on 20 March:

> 24 karat gold rate in Mumbai: ₹1,48,090 per 10 grams

> 22 karat gold rate in Mumbai: ₹1,35,749 per 10 grams

> 18 karat gold rate in Mumbai: ₹1,11,068 per 10 grams

Comex gold price may find support near $4,500 - $4,400 per ounce level, while on the flip side, resistance is seen at $4,700 level. MCX gold price for April futures contracts is likely to find strong support near ₹1,42,000 per 10 grams level and resistance is placed at ₹1,47,000 per level, said Jigar Trivedi, Senior Research Analyst - Currencies & Commodities at IndusInd Securities. He recommends shorting gold on every bounce.

The escalating US-Israel-Iran war in the Middle East supported safe-haven demand for gold. Israel and Iran launched fresh attacks on each other on Friday, a day after Tehran struck an Israeli oil refinery and after the US President Donald Trump warned Israel against further attacks on an Iranian offshore gas field shared with Qatar.

Gold and silver prices in India were trading off-day’s high levels. MCX gold rate was up by ₹1,603, or 1.11%, at ₹1,46,557 per 10 grams, while MCX silver prices were up by ₹731, 0.32%, at ₹2,32,191 per 10 grams.

Gold price has broken all the near resistances $5,200, $5,000 and also the reversal signals near $4,796 - $4,696, and we are witnessing a free fall from the consolidation phase. The structural uptrend is on a wait and watch of the headwinds to be cleared. The liquidity squeeze and the ongoing bearish sentiment on the risk-on trades in equity stocks is adding pressure to gold prices, said NS Ramaswamy, Head of Commodity & CRM, Ventura.

Gold appears to lead silver at short horizons (1-minute frequency), while silver does not provide a comparable leading signal for gold. This asymmetry is consistent with gold acting as the primary “information anchor” in precious metals – absorbing macro shocks first – while silver behaves more like a higher-beta satellite that tends to adjust following moves in gold. In other words, if silver was to suffer due to a cyclical downturn, it would not necessarily spread to the gold market, WGC report said.

The European Central Bank (ECB), the Bank of Japan, and the Bank of England (BoE) have kept interest rates unchanged but signalled hawkish tones, indicating a bias towards tighter policy.

Gold ETF flows witnessed a significant surge in 2025. North America emerged as the top runner for inflows. Gold ETF flows may cool a bit in 2026 as alternate assets such as bond yields are poised for an increase. In 2026, total ETF demand dropped in February at 26 tonnes from 120.1 tonnes in January. Europe registered net outflows on account of better returns at home.