BIG Crash In Gold Rate in India: 24K Down Rs 19600/100 Gm, Silver Dips Amid Iran-US War, Crude Rally | March 9

Gold Rate in India: There was a sharp crash in gold and silver prices in India on Monday, March 9, mirroring a weaker sentiment prevailing across the international bullion market. The wider decline in bullion prices came as US Dollar strengthened and market priced in diminishing expectations of rate cut by the US Federal Reserve.

Meanwhile, the escalating Middle East crisis due to US-Iran war fuelled a massive rally in crude oil prices today. Meanwhile, shifting investors' sentiment towards dollar denominated assets has supported the dollar and indirectly capped gold prices. Back in India, the decline has offered a lucrative opportunity to investors and retail jewellery buyers.

24K Gold Rate in India Today

The price of 24K gold rate in India on Monday, March 9, fell by Rs 196 per gram to Rs 16,168 per gram. The rate of per 10 gram of 24 karat gold in India declined by Rs 1960 to Rs 161680. Hence, per 100 gram of 24 karat gold in India became cheaper by Rs 19600 to Rs 1616800 on Monday.

22K Gold Rate in India Today, March 9

The rate of 22 karat gold in India fell by Rs 180 per gram to Rs 14,820 per gram. Hence, the rate of per 10 gram of 22 karat gold dipped by Rs 1800 to Rs 148200 and the per 100 grams of 24 karat gold fell by Rs 1800 to Rs 1482000.

18K Gold Rate in India Today

The rate of 18 karat gold rate in India on Monday declined by Rs 147 per gramto Rs 12,126 per gram.

Silver Rate in India Today

The rate of silver in India on Monday also saw some correction. Silver rate in India today fell to Rs 280 per gram and to Rs 2,80,000 per kilogram on March 9.

Why Is Gold Price Falling Today?

Decline in domestic gold rate today was in synchronisation with the fallin international prices of the precious metal. The international gold rate today declined below $5,100 per ounce, as per Trading Economics.

A strong US dollar reduced demand for the metal. Investors also scaled back hopes for Federal Reserve interest rate cuts. Those shifts outweighed safe-haven demand from the escalating conflict in the Middle East.

"A stronger USD and expectations that the FED may keep interest rates higher for longer have also reduced the appeal of non-yielding assets like silver and gold. Exchanges have raised margin requirements for metals futures during periods of extreme volatility created by the ongoing geopolitical issues, forcing leveraged traders to unwind positions," noted Ross Maxwell, Global Strategy Operations Lead, VT Markets.

Massive Surge in Crude Oil Price Today

While gold prices today declined, crude oil prices climbed past $100 per barrel for the first time since 2022. The rise tracked the war with Iran entering its second week. Higher fuel costs renewed worries about global inflation.

Supply risks grew after oil tankers were effectively blocked from the Strait of Hormuz. The disruption led Middle Eastern producers to reduce crude output. Kuwait, Iraq and the UAE cut supply, adding further pressure across energy markets.

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