Gold prices declined by up to 2% on March 30 as the US-Iran war entered its fifth week with no clear end in sight. Spot gold slipped 1.38% to USD 4,462 per ounce after gaining 2.7% in the previous session, while silver also saw a drop of around 2%, trading at USD 68.3 per ounce during Asian hours. The prolonged conflict has contributed to intense pressure on gold rates in India, with gold dropping nearly 15% since the conflict began. According to NewsX, diplomatic efforts over the weekend, including talks involving Pakistan, Egypt and Saudi Arabia, failed to ease tensions, with the situation remaining tense on the ground.
Gold prices experienced a national decline across major Indian cities on March 30, 2026, with 24K gold quoted at ₹14,728 per gram, down ₹81 from previous levels. However, this represented a recovery from the earlier low of ₹14,471 on March 27, indicating renewed buying interest after short-term profit-taking. According to 5paisa Capital Ltd, 22K gold slipped ₹75 to ₹13,500 per gram in the national capital, while 18K gold also declined to ₹11,046 per gram, down ₹61 from previous levels. The prices moved in a wide range during the session, touching a high of ₹1,49,250 before settling higher, as reported by The Times of India.
In contrast to domestic prices, gold futures remained firm on Monday with all major contracts posting gains amid steady trading activity. As reported by The Times of India, the April contract led the rise, climbing over 1% to ₹1,45,797 per 10 grams, while June and August contracts also recorded solid upticks of 0.91% and 0.71%, respectively. The June 2026 gold futures contract saw strong participation with high traded value and open interest, indicating continued investor interest in the international market. The April contract followed a similar trend, reflecting sustained bullish sentiment in the bullion market.
Across major cities, Mumbai recorded the steepest decline with 24K gold priced at ₹14,728 per gram, down ₹81, and 22K gold at ₹13,500 per gram, lower by ₹75. According to 5paisa Capital Ltd, Chennai continues to trade at a premium, with 24K gold at ₹14,837 per gram, while Delhi remains slightly above the broader average at ₹14,743. Bangalore, Hyderabad, Kerala, and other major cities all followed the broader trend with similar price movements, with 22K gold at ₹13,500 per gram and 18K gold at ₹11,046 per gram across most metropolitan markets. The latest data shows Ludhiana trading at ₹13,515 for 22K gold and ₹14,743 for 24K gold, reflecting regional price variations across different cities.
The recovery briefly moderated, with prices easing to ₹14,471 on March 27, indicating mild profit-taking after the rebound. However, gold prices regained momentum in the latest session, rising to ₹14,728 on March 30, signalling renewed buying interest after the short-lived cooling phase. The ongoing conflict in West Asia, which began on 28 February with US-Israeli military actions against Iran, has contributed to intense pressure on gold rates in India at the start of the new week. With volatility still elevated, gold is likely to remain sensitive to global cues, currency movements, and shifts in overall market sentiment in the near term, as reported by 5paisa Capital Ltd.
