Gold Price in India Crash Deepens! 24K Dips To Rs 1.4 Lakh After Wild Swings, Silver Stages Comeback; March 24

Gold Rate in India: The price of 24 karat, 22 karat and 18 karat gold in India continued to remain at their two-month low levels on Tuesday, March 24, after seeing wild swings in the previous session. Meanwhile, silver price in India saw a sharp recovery on Tuesday. Ongoing tensions in the Iran-US war, crude oil price rally, and strengthening of US Dollar has fuelled volatity in the precious metals market.

Back in India, domestic gold prices witnessed a sharp decline on Monday, with 24K rates briefly slipping near the Rs 1.37 lakh mark amid intense volatility, as per Goodreturns data. The sharp swings were driven by investor jitters after US President Donald Trump's deadline to Iran escalated geopolitical tensions. However, sentiment improved later in the day after Trump announced a five-day pause on military action, offering temporary relief to global markets. While Trump claimed that the US was in talks with Iran, Tehran denied the claim later.

Gold Rate in India

The price of 24 karat gold in India declined around Rs 294 per gram to Rs 14,035 per gram on Tuesday, March 24. The rate of 22 karat gold in India fell by Rs 270 per gram to Rs 12,865 per gram. Likewise, the rate of 18 karat gold in India dipped by Rs 221 per gram to Rs 10,526 per gram on Tuesday. As per Goodreturns data, 24 karat gold price in India dipped to Rs 1,37,840 per 10 gram on Monday afternoon, but later recovered to Rs 1,43,290 per 10 gram later in the evening.

Gold Price Today In Indian Cities

Silver Rate in India

The price of silver in India saw a significant recovery on Tuesday. Silver price in India increased to Rs 235 per gram and to Rs 2,35,000 per kilogram. Silver rate has also seen a sharp volatility over the past few trading sessions due to rising geopolitical tensions and concerns about economic growth due to Iran-US war.

International Gold Rate Today

International gold rate on Tuesday declined to $4,300 per ounce. The recent decline came as the preciou metal remained under pressure amid heightened Middle East tensions as Iran denied holding talks with the US to end the conflict. Tehran has dismissed the claims made by Donald Trump on Iran-US war.

Why Is Gold Price Falling?

While US President Donald Trump has announced a 5-dau pause in Iran-US war, Tehran has denied such claims. Conflict in statements from both the nations is unlikely to positively impact the overall sentiment across the commodities market. Additionally, strengthening of the US Dollar, inflated crude oil prices, and diminishing hopes of US Federal Reserve rate cut in the future may put pressure on gold prices.

"The shift in rate expectations has been notable, with markets moving from pricing in multiple rate cuts earlier to now factoring in a pause and even a small probability of a rate hike in upcoming Federal Reserve meetings. This follows the Fed's recent decision to hold rates steady while highlighting inflation risks, alongside similar hawkish signals from the ECB and BOE, whille the RBA has already hiked rates. Overall, the transition from rate cuts to potential hikes amid persistent inflation fears has significantly pressured gold prices despite ongoing geopolitical uncertainty," explained Manav Modi Commodities Analyst Motilal Oswal Financial services Ltd.