Gold And Silver Prices Drop: Gold Near ₹1.63 Lakh, Silver Falls Over ₹3,500; Check City-Wise Prices
Gold And Silver Prices Drop: Gold Near ₹1.63 Lakh, Silver Falls Over ₹3,500; Check City-Wise Prices
Precious metals witness mild correction after recent rally as profit booking and strong dollar weigh on prices.
Gold and silver prices declined on Monday, March 9, with both precious metals witnessing mild corrections after their recent surge. The drop comes amid profit booking in global markets and pressure from a stronger US dollar.
On the Multi Commodity Exchange (MCX), the price of 22-carat gold fell by ₹1,378 to ₹1,60,256 per 10 grams. Silver also opened lower during the trading session, with the price of one kilogram of silver declining by ₹3,538 to ₹2,64,747.
The correction in prices follows a strong rally seen in precious metals over the past few weeks. Analysts attribute the decline mainly to profit booking by investors after recent gains.
Despite the fall, domestic gold prices remain close to record highs. In the retail bullion market, 24-carat gold in Delhi was trading around ₹1,63,790 per 10 grams, while in Mumbai the price stood at about ₹1,63,630 per 10 grams.
For jewellery buyers, 22-carat gold prices in major cities including Mumbai, Chennai, Kolkata, Pune and Bengaluru were around ₹1,49,990 per 10 grams.
Silver prices also showed variation across different markets. In bullion centres such as Delhi, Ahmedabad and Bhopal, silver was trading around ₹2,84,900 per kilogram, while in cities like Hyderabad and Chennai the price was about ₹2,94,900 per kilogram.
Global market developments have played a major role in influencing precious metal prices. A stronger US dollar index and rising US Treasury yields have reduced the appeal of gold, which does not provide interest income.
At the same time, rising crude oil prices and ongoing geopolitical tensions in the Middle East are keeping markets volatile. Such factors usually support gold as a safe-haven asset, but the recent strengthening of the dollar has temporarily limited its gains.
Economic indicators are also influencing investor sentiment. Expectations regarding global interest rates, currency movements, and central bank policies continue to affect the direction of gold and silver prices.
Data also shows that central bank gold purchases slowed significantly in January, with total purchases of about 5 tonnes, much lower than the average monthly buying of around 27 tonnes recorded in 2025. The slowdown indicates a moderation in institutional demand compared to last year.
Market observers believe that while prices have eased slightly, precious metals are currently trading within a narrow range after the sharp rally earlier in March. Gold continues to receive support from geopolitical uncertainty and inflation concerns.
For consumers and investors in India, the final purchase price of gold jewellery remains higher than the listed market price, as 3 per cent GST and making charges are added by jewellers depending on design and craftsmanship.
Disclaimer: Gold and silver prices fluctuate daily based on global market trends and local demand. Investors should verify current rates before making purchase or investment decisions.
