Gold, Silver Rates Today LIVE: MCX gold rate falls below ₹1.61 lakh, silver slips 1% on strong dollar amid US-Iran war

Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said, "Gold traded slightly weaker near $5,100, down about 1.50%, while MCX Gold slipped ₹700 to ₹1,60,900. Rising inflation concerns amid ongoing war-related risks are making the Federal Reserve cautious on rate cuts, which is limiting fresh upside momentum in bullion. As a result, gold has been moving sideways over the past few sessions. For now, MCX Gold is expected to trade within a range of ₹1,58,000– ₹1,64,000, with geopolitical developments and interest rate expectations remaining key drivers."

Silver prices on MCX turned positive after a sharp recovery from the day’s low. The contract, which touched an intraday low of ₹2,60,743 per kilogram earlier in the day, recovered all its losses to trade at ₹2,68,882, about ₹600 higher than the previous close of ₹2,68,285.

Meanwhile, gold prices were trading with a modest decline of 0.70% at ₹1,60,409 per 10 grams.

Supply fears are keeping crude oil prices elevated, with Brent crude oil futures reaching $120 per barrel for the first time since June 2022. However, prices later moderated after the Financial Times reported that some members of the Group of Seven were considering releasing strategic oil reserves to ease market pressure.

The unconfirmed report cited unnamed people familiar with the talks. The spike in energy costs has heightened concerns that interest rates could remain elevated for longer, with the yield on the benchmark 10-year Treasury note rising to its highest level in more than a month, according to Reuters.

Recent labour market data has also rattled investors, with the economy unexpectedly shedding jobs in February and the unemployment rate rising.

In theory, a weak jobs report would help build a case for the Federal Reserve to cut interest rates. However, hopes for rate cuts have been complicated by surging oil prices amid escalating tensions in the Middle East, raising fears that the ongoing war could last longer than expected and stoke global inflation.

The April gold futures contract on the Multi Commodity Exchange of India fell ₹2,184 per 10 grams to reach the day's low of ₹1,59,450 per 10 grams. The yellow metal had finished last week with a decline of 0.30%, marking its first weekly drop in four weeks. So far this month, prices have fallen by ₹per 10 grams.

Silver futures also declined, falling ₹7,542 per kilogram to reach ₹2,60,743. Amid sharp volatility last week, prices closed 5% lower, ending a two-week winning run.

Precious metals were trading with modest losses in Monday’s session, March 9, as a stronger dollar capped gains even as tensions in the Middle East remained elevated.

The April futures contract on COMEX gold dropped $80 to touch the day’s low of $5,012 per troy ounce, erasing all of the previous session’s gains. The contract had ended last week 1.70% lower, snapping a four-week winning streak.

Meanwhile, May silver futures on COMEX also declined, falling $4.67 per troy ounce to an intraday low of $79.64 earlier in the day. The white metal has lost nearly 10% of its value, bringing an end to its two-week winning run.

Silver prices, which have remained more volatile than gold, recovered from early losses amid value buying. The March silver futures contract on the Multi Commodity Exchange of India recovered ₹5,181 per kilogram to trade at the current level of ₹2,65,317, though it is still down 1.13% from the previous close of ₹2,68,285.

Amid sharp volatility last week, prices closed 5% lower, ending a two-week winning run.

Gold prices have retreated sharply from the day’s high as a strengthening dollar capped the bullion rally, even as tensions in the Middle East remain elevated. The April gold futures contract on the Multi Commodity Exchange of India fell ₹1,303 per 10 grams from the day’s high of ₹1,61,511.

The yellow metal had finished last week with a decline of 0.30%, marking its first weekly drop in four weeks. So far this month, prices have fallen by ₹1,906 per 10 grams.

The US stock market is likely to open lower in Monday's trading session, March 9, as futures of the three key averages — the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite — are trading lower by 0.6%, 0.5%, and 0.7%, respectively, in pre-market trade, as the ongoing conflict exacerbates inflation fears.

US equities oscillated between losses and gains through last week, reacting to headlines of strikes between the US and Iran. The tensions are now expected to last longer than initially anticipated, with analysts warning that the situation could keep stocks under prolonged pressure.

COMEX gold price is trading in the $5,100 zone after surging to previous all-time highs, following which the metal entered a corrective phase.

“The broader bullish framework remains intact, supported by sustained momentum and strong breakout continuation through previous consolidation zones. Gold prices continue to hold firmly above key moving averages and the resistance zone of the prior all-time high, gradually edging higher and signaling strengthening momentum. Strong buying interest is visible in the $5,000 support band, while a break below this band could trigger further downside, potentially dragging prices toward the $4,900 level,” said Ponmudi R, CEO of Enrich Money.

Kaynat Chainwala, AVP Commodity Research, Kotak Securities, said, "COMEX Gold and Silver have extended losses from last week, currently trading below $5100/oz and $84/oz, respectively, as the U.S. dollar acts as the primary safe haven amid escalating tensions in West Asia. Markets are increasingly concerned that higher energy costs could reignite inflation, potentially limiting the Federal Reserve’s ability to cut interest rates aggressively.

"Liquidity stress and forced liquidations to meet margin calls during the broader market sell-off have also pressured bullion prices since tensions escalated sharply last week. If geopolitical tensions begin to ease, the current dollar strength may fade, and forced liquidations could unwind, creating room for gold and silver to stage a rebound. However, the trajectory will depend on how the conflict evolves, as prolonged tensions could sustain volatility, keeping bullion traders in a wait-and-watch mode in the near term," he further added.

Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said, "Gold traded slightly weaker near $5,100, down about 1.50%, while MCX Gold slipped ₹700 to ₹1,60,900. Rising inflation concerns amid ongoing war-related risks are making the Federal Reserve cautious on rate cuts, which is limiting fresh upside momentum in bullion. As a result, gold has been moving sideways over the past few sessions. For now, MCX Gold is expected to trade within a range of ₹1,58,000– ₹1,64,000, with geopolitical developments and interest rate expectations remaining key drivers."

One of the factors weighing on the yellow metal is market speculation suggesting that some central banks may be selling gold to raise liquidity, according to analysts

Meanwhile, central bank gold purchases slowed at the start of the year, according to a recent report by the World Gold Council. Net purchases in January totalled just 5 tonnes, compared with the previous 12-month average of 27 tonnes, the report showed.

Aluminium prices climbed to their highest level in nearly four years as the escalating tensions in the Middle East raised concerns about tighter global supply, outweighing the pressure from a stronger dollar.

Benchmark three-month aluminium on the London Metal Exchange touched $3,544 per metric ton earlier in the session — its highest level since March 31, 2022.

Despite the tensions in the Middle East, gold prices are not reacting much, as traders believe that rising crude oil prices could prompt the US Federal Reserve to hold interest rates for longer, keeping the yellow metal in a range-bound trade.

Oil prices surged above $100 per barrel for the first time since 2022 as the war with Iran entered its second week, fueling concerns about renewed global inflation.

The Sovereign Gold Bond Scheme (SGB) 2020–21 Series XII will be available for premature redemption on Monday, March 9, as it enters its fifth-year redemption window under Government of India guidelines. Investors holding the bond are likely to realise a capital gain of around 248% over the original issue price of ₹4,612 per unit for online investors.

The redemption price for the Sovereign Gold Bond has been set at ₹16,063 per unit, calculated as the simple average of gold’s closing prices on March 4, 5 and 6, 2026, based on data from the India Bullion and Jewellers Association Ltd (IBJA).

Gold prices in the international market traded lower as a stronger US dollar weighed on the greenback-priced bullion, while higher energy costs fuelled inflation concerns and further dimmed the prospects for near-term reductions in interest rates. Spot gold price fell 1.4% to $5,097.70 per ounce, after falling more than 2% earlier in the session. US gold futures for April delivery lost 1% to $5,106. Spot silver fell 1.3% to $84.42 per ounce, after losing over 5% earlier in the session.

Gold and silver prices extended decline. MCX gold rate was trading lower by ₹1,252, or 0.77%, at ₹1,60,382 per 10 grams. MCX silver prices were trading at ₹2,63,580 per kg, down by ₹4,705, or 1.75%.

Comex silver prices are trading near $82.90 after a strong recovery from recent lows. The broader bullish structure remains intact on higher timeframes, with prices reclaiming major moving averages and signaling a transition from correction toward potential renewed strength.

Strong buying interest is evident in the $76 – $80 support zone. A sustained recovery above $90 – $95 could reignite momentum toward $100–$110 and potentially retest previous highs. The medium- to long-term outlook remains constructive amid favorable global cues from geopolitical developments and continued safe-haven demand, even with ongoing volatility, said Ponmudi R, CEO of Enrich Money.

As MCX silver price is trading below 50MA and 200MA with bullish crossover losing momentum in a falling channel pattern, we can expect price to go limited upside. But looking at the 1-hour chart, we are expecting bearish sentiment in the first half of the session, said Ajay Kedia.

According to him, MCX silver price may find support at ₹2,60,850 level, while resistance is seen at ₹2,72,500. He recommends ‘sell on rise’ for MCX silver.

The decline in gold and silver prices comes despite intensifying geopolitical tensions, which typically boost demand for safe-haven assets such as precious metals. The conflict involving the United States and Israel against Iran has escalated, raising concerns about a broader regional war in the Middle East. Here are the key factors behind the decline in gold and silver prices despite heightened global tensions:

> Strong US dollar

> Fading US Fed rate cut hopes

> Profit booking after strong rally

> Central banks gold selling rumours

> Rising caution in financial markets

MCX silver prices are trading around ₹2,62,000 – ₹2,60,000 in a range-bound manner, reflecting consolidation after earlier volatility driven by global safe-haven flows.

According to Ponmudi R, the long-term bullish framework remains firmly intact as prices continue to hold above key support levels amid heightened geopolitical tensions. Key support is placed at ₹2,50,000 – ₹2,60,000, and a sustained hold above this region could trigger recovery toward ₹2,65,000 – ₹2,70,000.

Dips toward strong support zones may offer accumulation opportunities for positional traders, though a decisive breakdown below these levels could accelerate downside pressure, he said.

MCX gold price is trading near the ₹1,60,000 level, with further support seen around ₹1,57,000. Gold prices are currently moving in a short-term consolidation phase with a positive tilt amid sustained risk-off flows, holding firmly above critical support zones. Robust buying interest persists in the ₹1,50,000 – ₹1,55,000 demand band following the recent surge driven by Middle East tensions. A hold above this base, followed by a sustained breakout above ₹1,70,000, may revive momentum toward ₹1,75,000 – ₹1,80,000, preserving a bullish medium-term perspective, said Ponmudi R, CEO of Enrich Money.

As gold price is trading between 50MA and 200MA and bullish crossover is losing momentum in a consolidation channel, we can expect the prices to go down further. If MCX gold rate breaks 200MA, we can further see decline in price till the support of ₹1,58,700. For the first half of the session, the trend remains negative, but the overall trend is positive, said Ajay Kedia, Director, Kedia Advisory.

According to him, MCX gold rate today may find support at ₹1,58,700 level, while resistance is placed at ₹1,61,700 level. Kedia recommends, ‘sell’ or ‘sell on rise’ strategy for MCX gold.

Bitcoin prices declined below the $66,000 mark after the sharp surge in crude oil prices amid escalating tensions in the Middle East which has triggered a broader pullback across equities and crypto. When energy prices rise rapidly, investors often rebalance portfolios toward more defensive positions, which can temporarily weigh on assets like Bitcoin.

“In phases like this, investors should focus on maintaining a disciplined and long term approach rather than reacting to short term volatility. Periods of market correction often provide opportunities to reassess portfolio allocation, accumulate gradually, and stay diversified across asset classes. For crypto participants in particular, staggered investments and a clear investment horizon can help navigate market fluctuations more effectively while staying aligned with long term conviction in digital assets,” said Avinash Shekhar, Co-Founder & CEO, Pi42.

The trend for gold prices today remains negative. As gold price is trading below 50MA and 200MA in a consolidation channel and bearish crossover which is losing momentum, we can expect a short upside movement till 50MA. But looking at the 1 hour timeframe, we expect to have bearish sentiment in the first half of the session, the overall trend remains positive, said Ajay Kedia. He recommends a ‘sell’ or ‘sell on rise’ for gold.

Silver and gold prices declined on Monday, March 9, pressured by a strengthening U.S. dollar, which made dollar-denominated bullion more expensive for investors using other currencies. At the same time, rising energy prices heightened inflation concerns, reducing expectations of near-term interest rate cuts. MCX silver rate fell 1.4% to its day's low of ₹2,64,475 per kg.

Gold prices eased, extending Friday’s decline as investors looked ahead to upcoming US economic releases for clarity on the Federal Reserve’s next moves. Expectations for a December rate cut strengthened after Fed President John Williams signaled support for another policy easing, pushing market-implied probabilities to nearly 70% from about 40% last week. Despite the recent pullback, gold remains roughly 54% higher year-to-date, supported by persistent geopolitical risks, central bank purchases, and strong safe-haven demand tied to fiscal uncertainty.

According to Ajay Kedia, gold prices can find support at $5,020 level, while resistance is seen at $5,130 level. Support for MCX gold prices is placed at ₹1,59,000, and resistance at ₹1,63,500.

Selling pressure intensified in the domestic gold and silver prices after a weak opening. MCX gold price was trading lower by ₹1,272, or 0.79%, at ₹1,60,362. It declined as much as 1% to ₹1,59,826 level.

MCX silver price was trading lower by ₹3,226, or 1.20%, at ₹2,65,059 per kg. It dropped as much as 1.42% to ₹2,64,475 per kg.

Gold and silver prices in India opened lower on Monday, following weakness in international bullion prices as a stronger dollar weighed on the prices of precious metals.

MCX gold rate today for April futures contracts opened 0.6% lower at ₹1,60,651 per 10 grams as against its previous close of ₹1,61,634 level. MCX silver price for May futures contracts opened 0.29% lower at ₹2,67,497 per kilogram as against its previous close of ₹2,68,285 level.

Aluminium prices in London hit their highest level in nearly four years, as the escalating US-Iran war in the Middle East heightened concerns about tighter global supplies. Benchmark three-month aluminium on the London Metal Exchange hit its highest since March 31, 2022, at $3,544 per metric ton earlier in the session. It was up 1.77% at $3,507 per ton, Reuters reported. The most-traded aluminium contract on the Shanghai Futures Exchange rose 3.29% to 25,310 yuan ($3,658.15) per ton, after touching its highest since January 30 at 25,860 yuan earlier in the session.

In other commodities, spot platinum prices fell 3.8% to $2,054.65, and palladium prices declined 2.1% at $1,590.32

A surge in crude oil prices stoked inflation fears and delayed rate-cut expectations, weighing on the safe-haven demand and pushing gold prices down. Crude oil prices rose sharply to over $100 per barrel amid fears of tighter supply and prolonged disruptions to oil shipments through the Strait of Hormuz.

Investors expect the US Federal Reserve to keep interest rates steady at the end of its two-day meeting on March 18, as per CME Group’s FedWatch tool. The odds of a June hold, which were below 43% last week, climbed to more than 51%.

The US dollar hovered near a three-month high hit last week, making bullion more expensive for holders of other currencies. The US dollar index rose to 99.695 against the basket of currencies. The US 10-year Treasury yields also climbed to a near one-month high, raising the opportunity cost of holding non-yielding gold.

Spot gold prices fell 2.5% to $5,041.89 per ounce, while US gold futures for April delivery were down 2.1% at $5,049.40 an ounce. Spot silver prices declined 4% to $80.99 per ounce.

Gold and silver prices traded lower on Monday as a stronger dollar weighed on greenback-priced precious metals, while higher crude oil prices fuelled inflation concerns and further dimmed the prospects for near-term reductions in interest rates.