Gold rates and silver rates in India could take a huge hit on March 16, following weak global cues. In the early hours of Monday, spot gold price has plunged to struggle around $5,000 per ounce pivotal level. This comes after bullion already recorded two consecutive weekly decline amidst volatile oil prices, firm dollar and rise in bond yields which increases inflationary fear and dulls the probability of rate cut from US Federal Reserve.
Meanwhile, spot silver price underperformed the most with over 1.3% decline to trade below $80 per ounce.
Over the weekend, the US attacked Iran's main oil-export hub of Kharg Island, further increasing the global supply risks.
The strike prompted retaliatory attacks from Tehran on Israel and energy infrastructure across other Arab countries. The US-Israeli war on Iran has now entered its third week with no clear resolution in sight, rattling financial markets. Higher energy prices and mounting inflationary pressures have lowered expectations that the US Federal Reserve and other major central banks will cut interest rates, posing a headwind for non-yielding precious metals. The Fed is widely expected to hold its policy rate steady this week, while central banks in the Eurozone, the UK, Japan, Switzerland, Australia, Canada, China, Brazil, and Russia are also set to decide on monetary policy, as per Trading Economics.
Last week, MCX gold price with April 2026 expiry, closed the week below Rs 1.59 lakh mark and in a bearish note. The MCX gold price fell by Rs 66 0r 0.4% to end at Rs 1,58,400 per 10 grams after closing bell on March 13th. Meanwhile, MCX silver price with May 2026 expiry, ended the week on a bearish trend. MCX silver dropped by Rs 8,683 or 3.24% to end at Rs 2,59,279 per 1KG.
LIVE Feed
Mar 16, 2026, 10:23 am IST
Commodity Market Live Updates: Crude Oil Prices Rally
US WTI Crude Oil Futures jumped 1% and traded around 0 per barrel mark, after surging to 2.40 per barrel which is its highest level since July 2022. Meanwhile, Brent Crude traded higher by 1.5% to near 5 per barrel. The performance comes after US strikes on military sites on Kharg Island as the Middle East conflict entered its third week. As per Trading Economics, US President Donald Trump also warned that Iran’s energy infrastructure on the island, which handles roughly 90% of the country’s oil exports, could be targeted if Tehran interferes with transit through the Strait of Hormuz. The narrow waterway linking the Persian Gulf with global markets has remained effectively shut since the conflict began, with Iran’s new supreme leader pledging last week to keep the strait closed if hostilities continue. Meanwhile, traders assessed reports that the US will soon announce a coalition of countries to escort ships through the waterway. Highlighting pressure on global supply, the IEA said Sunday that oil from last week’s record 400-million-barrel reserve release will be made available immediately in Asia.
MCX silver also erased its pivotal level of Rs 2.55 lakh after it touched an intraday low of Rs 2,54,367 per 1Kg in the opening bell of Monday. MCX silver with May 2026 expiry, is currently down by Rs 2,934 or 1.13% to trade at Rs 2,56,501 per 1Kg. Silver continues to be under pressure as spot silver fell below mark.
Mar 16, 2026, 9:53 am IST
Gold Rates Today Live Updates: MCX Gold Crashes
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.
Mar 16, 2026, 9:07 am IST
Gold Rates Today Live Updates: MCX Gold Price Weekly Outlook
Momentum indicators currently reflect a temporary neutral to mildly bearish tilt in the short term, as the market continues to trade below the recent swing resistance. As long as prices hold above ₹1,58,000, gold retains the potential to move toward ₹1,62,000–₹1,65,000 initially, and possibly retest higher resistance around ₹1,68,000–₹1,70,000 if bullish catalysts strengthen. However, a decisive break below ₹1,57,000 could intensify downside pressure, potentially extending the corrective move toward the ₹1,55,000–₹1,50,000 support zone. Despite this near-term correction, the broader bullish bias remains intact as long as key structural support levels remain unbroken, supported by favorable macroeconomic tailwinds, according to Ponmudi, CEO of Enrich Money.
Mar 16, 2026, 9:07 am IST
Silver Rates Today Live Updates: MCX Silver Price Weekly Outlook
On the daily chart, the recent decline suggests a loss of short-term upward momentum as prices retrace from recent swing highs. Short-term momentum indicators remain neutral to mildly bearish, pointing toward a consolidation phase. A sustained break below could push prices toward the – support area. However, the broader structure continues to point toward a constructive outlook as long as prices hold above the key structural support level. A sustained recovery above could revive bullish momentum and potentially pave the way for another attempt toward the resistance zone, as per Ponmudi, CEO of Enrich Money.
Mar 16, 2026, 9:05 am IST
Silver Rates Today Live Updates: Spot Silver Erases Mark
Silver fell around 1% to below per ounce on Monday, extending its losses for a fourth straight session as the Iran war entered its third week and oil prices remained volatile. Oil initially surged after the US attacked military targets on Iran’s main oil-export hub of Kharg Island over the weekend and threatened to strike energy infrastructure if Tehran interferes with transit through the Strait of Hormuz. Meanwhile, markets are weighing reports that the US will soon announce a coalition of countries to escort ships through the narrow waterway linking the Persian Gulf with global markets. Higher energy costs and rising inflationary pressures have reduced expectations that the US Federal Reserve and other major central banks will cut interest rates, a headwind for non-yielding precious metals. The Fed is widely expected to hold its policy rate steady this week, while central banks in the Eurozone, UK, Japan, Switzerland, Australia and Canada are also set to decide on monetary policy, as per Trading Economics.
Mar 16, 2026, 8:49 am IST
Gold Rates Today Live Updates: Spot Gold Falls Below ,000 Per Ounce
Gold continues to fall and spot gold is now struggling to retain ,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.
Click it and Unblock the Notifications
Sign in with Google