Gold prices surged 2.59% to $4,489 per ounce on March 29, 2026, marking a significant recovery from recent declines. According to The Sunday Guardian, the precious metal's rebound was driven by a weaker US dollar and safe-haven buying following recent corrections. This represents a substantial turnaround from the over 1% decline that gold had experienced earlier in the week, with the latest recovery attributed to dollar weakness and renewed safe-haven demand. The precious metal had previously experienced a significant monthly decline, but the current rebound suggests market sentiment is shifting as traders reassess precious metals positioning.
While gold prices recovered, major mining stocks are experiencing significant declines. Newmont Corp. (NYSE: NEM) and Barrick Mining (NYSE: B) are down 15% and 16%, respectively, over the last seven trading days, as reported by The Motley Fool. Hecla Mining (NYSE: HL), America's biggest silver miner, is down 17% during the same period. The mining sector declines roughly track the 10% decline in gold prices and 16% decline in silver prices over the same period. According to The Motley Fool, high oil prices are driving inflation and raising interest rates, making bonds more attractive to investors than precious metals, which don't pay interest.
Domestic 24K gold prices jumped ₹2,510 per 10 grams to ₹1.48 lakh in Delhi on March 29, 2026, reflecting the international price recovery. As per The Sunday Guardian, 22K gold rates also increased significantly across major Indian cities, with the domestic market responding positively to the global price movement. The recovery comes after gold had declined nearly 2% to $4,492.5 per ounce in international markets earlier, with the latest surge providing relief to Indian investors who had been affected by the previous weakness. 24K gold rates in Mumbai, Kolkata, and Chennai also showed substantial increases, indicating broad-based strength across Indian markets.
The US dollar index remained near 100 points, continuing to limit precious metals gains despite earlier geopolitical support. As per Choice Broking, weakness in US equity markets boosted safe-haven demand, but the dollar's strength prevented significant precious metals advances. The currency movement, combined with 10-year US Treasury yields holding steady at 4.434%, created challenging conditions for gold and silver prices. However, the latest developments show that rising energy prices are fueling inflation worries and dampening expectations for U.S. Federal Reserve interest rate cuts this year, creating additional headwinds for precious metals that have now been partially offset by dollar weakness.
Silver edged higher to $69.79 per ounce by the end of the week, staging a notable weekly recovery after a prolonged decline. Choice Broking noted that silver posted a strong weekly recovery after a prolonged spell of weakness, tracking gains in global markets where prices rebounded sharply. China's silver imports rose to an eight-year high of 206.76 metric tonnes in the first two months of 2026, up 49% month-on-month and a sharp 5,910% year-on-year, tightening global supply and lending support to prices. This strong Chinese physical demand is providing additional support for silver prices in the current market environment.
Choice Broking expects gold to remain sideways-to-bullish during the shortened Easter week as traders assess key US economic data. The firm noted that silver is also drawing support from strong Chinese physical demand. For the week ahead, investors will closely track speeches by US Federal Reserve Chair Jerome Powell on Monday, along with comments from other Fed officials later in the week for signals on interest rates. Market participants will also focus on manufacturing PMI data from major economies, CPI readings from Germany and the Eurozone, as well as key US indicators including consumer confidence, nonfarm payrolls and broader employment data. Trading volumes may also stay muted as domestic commodity markets will remain shut on March 31 for Shri Mahavir Jayanti and April 3 for Good Friday, resulting in a shortened trading week.
