Gold crashes below ₹1.5 lakh, silver falls ₹2,000 on dollar strength

Global precious metals markets experienced even more severe declines, as reported by The Economic Times. COMEX silver (delivery in May) plunged as much as 7.59% to an intraday low of $70.305 per ounce, while COMEX gold contracts (May expiry) slumped as much as 2.68% to the session's low of $4,646.90 per troy ounce. The international decline was particularly significant for gold, which has fallen nearly 12% in March due to the conflict in West Asia, marking its worst monthly drop since 2008. COMEX gold (delivery in April) has fallen nearly 12% in March due to the conflict in West Asia, marking its worst monthly drop since 2008, with the contract having surged 7% over the past five days. COMEX silver (delivery in May) has advanced 4% so far over the last five days, showing some recovery from recent lows. In the latest global developments, spot gold fell 1.3% to $4,695.15 per ounce, while silver dropped 2.7% to $73.05 per ounce after Trump stated that the US would strike Iran "extremely hard" over the next two to three weeks.

The precious metals decline was further pressured by broader market movements, as reported by The Economic Times. Brent crude prices surged more than 4%, while the 10-year U.S. Treasury yield and the dollar index moved higher, putting additional pressure on gold prices. According to Upstox, Brent Crude prices were hovering above the $105 per barrel mark, a day after falling below $100 per bbl, following Trump's national address. The dollar strengthened significantly, with the dollar index trading 0.51% higher at 100.055, adding to the pressure on gold prices. Among other metals, spot silver fell more, dropping 2.9% to $72.95 per ounce in international markets. The selling pressure intensified with MCX gold dropping over 2% to around ₹1.50 lakh per 10 grams, while MCX silver plunged by more than ₹12,000 or 5%, slipping below ₹2.32 lakh per kg. As per The Times of India, gold prices fell sharply on Thursday in futures trade, declining by ₹6,004 to ₹1,47,704 per 10 grams on the Multi Commodity Exchange, marking a reversal from a four-day winning streak.

Despite the recent decline, gold prices have shown remarkable recovery over the past 10 days, with 24-carat gold climbing nearly ₹7,000 per 10 grams and 22-carat gold surging over ₹6,000 during this period. As of April 2, 2026, 24-carat gold was priced at ₹1,51,700 per 10 grams, while 22-carat gold was retailing at ₹1,39,080. On Wednesday, 24-carat gold was selling at ₹1,51,760 per 10 grams and 22-carat gold at ₹1,39,130. City-wise pricing shows Delhi at ₹1,53,110 for 24-carat and ₹1,40,360 for 22-carat, Mumbai at ₹1,52,960 for both variants, Kolkata at ₹1,52,960 for both variants, Chennai at ₹1,53,280 for 24-carat and ₹1,40,510 for 22-carat, Hyderabad at ₹1,52,960 for both variants, Ahmedabad at ₹1,53,010 for 24-carat and ₹1,40,260 for 22-carat, and Bengaluru at ₹1,52,960 for both variants. Major jewellery brands show Tanishq pricing 22-carat at ₹1,40,600 and 24-carat at ₹1,53,380, Joyallukas at ₹1,40,200 for 22-carat, and Kalyan Jewellers at ₹1,38,850 for 22-carat.

Market experts provided guidance on the current volatility, according to The Economic Times. Manoj Kumar Jain of Prithvi Finmart noted that precious metals are witnessing heightened volatility, though both gold and silver are expected to hold key support levels in the near term. He noted that silver could sustain above $62 per troy ounce, while gold may hold the $4,420 level on a closing basis this week. For the current session, gold has support in the $4,620–4,580 range and resistance at $4,720–4,770 per troy ounce, while silver has support at $70.70–68.00 and resistance at $76.00–78.40 per troy ounce. On the domestic front, he said gold on MCX has support at ₹1,47,200–1,45,500 and resistance at ₹1,51,100–1,53,350, while silver is seen finding support at ₹2,28,000–2,22,400, while resistance is placed at ₹2,37,700–2,42,200. Jain advised investors to consider booking profits in long positions on every rise and to wait for corrective dips before initiating fresh long positions in gold and silver. As per The Times of India, Jigar Trivedi, Senior Research Analyst at IndusInd Securities, noted that the fall came as the US dollar rebounded following statements by US President Donald Trump suggesting a possible escalation in the ongoing conflict with Iran, with crude oil prices resuming their upward movement, adding to inflation concerns and expectations of tighter monetary policy conditions.

Given the current market conditions, experts are advising caution in precious metals trading, as reported by The Economic Times. Jain advised investors to consider booking profits in long positions on every rise and to wait for corrective dips before initiating fresh long positions in gold and silver. On the MCX, gold is seen finding support at ₹1,52,200–1,50,800 and facing resistance at ₹1,54,800–1,56,000, while silver has support at ₹2,28,000–2,22,400 and resistance at ₹2,37,700–2,42,200. Ponmudi R of Enrich Money noted that silver price action indicates underlying weakness, with the ₹2,33,000-₹2,34,000 now serving as the immediate resistance band, and a sustained move above this level could trigger recovery toward ₹2,37,000-₹2,40,000. The recommendation reflects the current volatile environment and suggests a wait-and-watch approach for new positions, with experts noting that the combination of military escalation concerns and rising crude oil prices continues to create pressure on safe-haven assets. Traders have fully priced out the prospect of interest rate cuts in 2026 by the US Federal Reserve, a stark reversal from pre-war expectations of two cuts.