Gold Rates In India Crash By Rs 29,400 On March 21 After Spot Gold Hits Weakest Week; 24K, 22K, 18K Gold Price

Gold rates in India went back to crashing on March 21, after spot gold dropped by nearly 3.5% yesterday and recorded its weakest week in nearly four decades. 24 carat gold price plunged by at least Rs 29,400 on Saturday. This performance comes during the festive season as India celebrates Eid ul-Fitr. The sentiment in gold prices are of selling.

Gold Rates In India:

24 Carat Gold Prices Today:

- 10 grams gold falls by Rs 2,940 to Rs 1,45,970.

- 100 grams gold nosedived by Rs 29,400 to Rs 14,59,700.

- 8 grams and 1 gram gold prices of 24 carat dropped by Rs 2,352 and Rs 294 to Rs 1,16,776 and Rs 14,597.

22 Carat Gold Prices Today:

- Here, 10 grams gold price plunged by Rs 2,750 to Rs 1,33,800.

- While 100 grams gold rate dropped by Rs 27,500 to Rs 13,38,000.

- Additionally, 8 grams gold plunged by Rs 2,200 to Rs 1,07,040.

- The 1 gram gold of 22 carat is down by Rs 275 to Rs 13,380.

18 Carat Gold Prices Today:

- Under 18 carat, 10 grams gold slipped by Rs 2,250 to Rs 1,09,480.

- The 100 grams gold of this carat declined by Rs 22,500 to Rs 10,94,800.

- Moreover, 8 grams gold dipped by Rs 1,800 to Rs 87,584 and 1 gram gold is lower by Rs 225 to Rs 10,948.

Why Gold Rates Are Falling?

According to Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, Gold remained highly volatile, opening with an uptick near $4700 and Rs148000, largely driven by short covering after the sharp sell-off seen in the previous session. However, the bounce lacked follow-through, as fresh selling emerged from higher levels, dragging prices back from Rs 148000 to Rs 146000.

He added that the broader sentiment continues to remain weak, as key macro triggers are still unfavorable. Interest rates are expected to stay elevated, while ongoing geopolitical tensions are keeping crude prices firm, sustaining inflation concerns and limiting upside in gold.

Overall, gold is likely to remain weak with heightened volatility, with a near-term trading range seen between Rs 140000- Rs 147000.

MCX Gold Price + Spot Gold Price:

After the closing bell on March 20th, spot gold price dropped by nearly 3.5% to end at $4,488.7 per ounce.

Further, the bullion recorded its largest weekly decline since 1983, as escalating Middle East tensions sent energy prices soaring and dashed hopes for near-term interest rate cuts.Prices extended their decline after reports that the Pentagon is deploying three warships and thousands of Marines to the region, prompting traders to price in a 50% chance of a Federal Reserve rate hike by October amid fears of sustained inflation, as per Trading Economics.

On the other hand, MCX gold price surged by Rs 333 or 0.23% to close at Rs 1,44,825 per 10 grams on March 20th.

Gold Prices In India Prediction:

As per Ponmudi R, CEO of Enrich Money, here are the outlook for gold prices in India and globally:

MCX Gold Price Outlook:

MCX Gold has come under meaningful corrective pressure, declining sharply from its earlier highs in the Rs1,55,000-Rs1,60,000 range and currently trading around Rs1,40,000-Rs1,45,000, influenced by global bullion weakness and currency movements. The decline primarily reflects profit-booking following the earlier safe-haven rally driven by geopolitical tensions, with prices now approaching lower support levels after a sustained multi-week uptrend.

The Rs1,35,000-Rs1,40,000 region is emerging as a key demand zone, where buying interest is visible, helping to maintain the broader higher-low structure. In the near term, momentum indicators point toward a neutral to slightly bearish bias, suggesting consolidation rather than a confirmed reversal.

Holding above Rs1,42,000 remains important for a potential recovery toward Rs1,50,000-Rs1,52,000, with further upside extending toward Rs1,55,000-Rs1,60,000 if fresh triggers emerge. However, a decisive break below the Rs1,42,000-Rs1,45,000 zone could increase downside pressure, dragging prices toward Rs1,40,000 and potentially Rs1,35,000.

Spot Gold Price Outlook:

COMEX Gold has undergone a sharp corrective move after retesting its previous record-high resistance zone of $5,300-$5,500, and is currently trading in the $4,450-$4,520 range. The decline is primarily attributed to dollar strength and profit-booking pressure, even as geopolitical uncertainties continue to provide underlying support.

On the downside, immediate support is placed in the $4,250-$4,400 zone; a decisive breakdown below this range could open the door for a deeper correction toward $3,800-$4,000. In the near term, momentum remains neutral to slightly bearish, although the broader structure continues to reflect higher lows, indicating underlying strength.

Sustaining above the $4,400 level remains critical for a potential recovery toward $4,700-$4,800. Overall, the broader bullish bias remains intact unless key support levels are decisively breached, with macroeconomic factors continuing to influence price direction.

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.