Gold Rates In India Crash Continues Today, 24K, 22K, 18K Gold Prices On Mar-16; Gold Rate Falls By Rs 41,400

Gold rates in India crash continues on Monday as the MCX gold price falls below the Rs 1.57 lakh mark and Spot Gold price erases its pivotal $5,000 level. The 24 carat, 22 carat and 18 carat gold prices plunged for the fourth time in five days. The prices were unchanged yesterday.

The biggest reason for the decline in gold rates is the uncertainty around inflationary pressure as crude oil prices trade volatile but at multi-year highs and the dollar has remained. The probability of rate cuts in 2026 has dulled as well. The situation arose due to the intense continuity of bombardment by the US and Israel on Iran, which has also stubbornly retaliated.

Gold Rates In India:

24 carat gold price plunged by Rs 490 to Rs 1,59,170 per 10 grams, while 100 grams gold has nosedived by Rs 4,900 to Rs 15,91,700. Also, the 8 grams gold rate slipped by Rs 392 to Rs 1,27,336 and 1 gram gold is lower by Rs 49 to Rs 15,917.

Furthermore, 22 carat gold dropped by Rs 450 to Rs 1,45,900 per 10 grams and 100 grams gold plunged by Rs 4,500 to Rs 14,59,000. The 8 grams and 1 gram gold rates of 22 carat are down by Rs 360 and Rs 45 to Rs 1,16,720 and Rs 14,590 respectively.

A similar situation was seen in 18 carat gold prices. The 10 grams gold of 18 carat dipped by Rs 360 to Rs 1,19,380, and 100 grams gold tumbled by Rs 3,600 to Rs 11,93,800. Here, 8 grams gold plummeted by Rs 288 to Rs 95,504 and 1 gram gold edged lower by Rs 36 to Rs 11,938.

Prior to the latest fall, 100 grams and 10 grams gold price of 24 carat had dipped by Rs 10,300 and Rs 1,030 on March 14th, after falling by Rs 15,300 and Rs 1,530 on March 13th. These two gold were down by Rs 10,900 and Rs 1,090 on March 12th as well. The prices were unchanged on March 15th.

Accordingly, from March 12th to March 16th, 100 grams and 10 grams gold prices have plunged by Rs 41,400 and Rs 4,140 in 24 carat.

MCX Gold Price

MCX gold with April 2026 expiry, crashed nearly 1% to trade at Rs 1,57,480 per 10 grams. MCX gold has touched an intraday low of Rs 1,56,631 per 10 grams in the opening bell. The performance comes amid spot gold price which erased its ,000 mark and extended the losses to the third week straight.

Spot Gold Price:

Spot Gold continues to fall and spot gold is now struggling to retain $5,000 mark. In the early hours of Monday, spot gold drops by nearly 0.5% to trade at ,999.6 per ounce, at the time of writing. The start of this week is on a bearish note after spot gold fell for two consecutive weeks. The US Federal Reserve is now expected to hold rates until inflationary risks clears as surge in oil prices due to Middle East war dampens the chances of rate cut. Also, dollar has been firm which makes safe haven assets lesser attractive.

Gold Rates In India Outlook:

According to Ponmudi R, CEO of Enrich Money, following are the gold rates outlook in India and globally.

Spot Gold Price Outlook:

Spot Gold is currently trading within the $4,960-$5,040 support band. After recently touching record highs, gold has entered a short-term corrective phase, though the broader bullish structure remains intact. Range-bound consolidation has pushed prices below key moving averages in the short term, signaling temporary weakening momentum. Strong buying interest remains visible in the $4,950-$5,000 support zone.

A break below this band could push prices toward the $4,850-$4,900 region. However, as long as gold sustains above $5,000, the broader bullish trend remains intact. A sustained breakout above $5,130-$5,200 could pave the way toward previous record highs.

MCX Gold Price Outlook

MCX Gold futures are currently trading in the Rs 1,56,500-Rs 1,57,500 range, reflecting consolidation after the recent geopolitical-driven rally.

Strong buying interest remains visible in the Rs 1,54,000-Rs 1,56,000 demand zone. As long as prices sustain above this base, the medium-term bullish outlook remains intact. A sustained breakout above Rs 1,63,000 could revive momentum toward Rs 1,70,000-Rs 1,75,000.

Buy Gold On Dips?

Explaining further, Prithviraj Kothari, MD at RiddiSiddhi Bullions said, gold and silver are likely to remain supported in the near term as geopolitical tensions, central-bank buying, and fiscal uncertainties continue to drive safe-haven demand. However, a stronger U.S. dollar and elevated bond yields may cap sharp upside moves. Gold is expected to trade with a positive bias, while silver could outperform due to its dual role as both a precious and industrial metal. Short-term volatility may persist, but dips are likely to attract strategic buying.

Disclaimer: The views and recommendations expressed are solely those of the individual analysts or entities and do not reflect the views of Goodreturns.in or Greynium Information Technologies Private Limited (together referred as "we"). We do not guarantee, endorse or take responsibility for the accuracy, completeness or reliability of any content, nor do we provide any investment advice or solicit the purchase or sale of securities. All information is provided for informational and educational purposes only and should be independently verified from licensed financial advisors before making any investment decisions.