Significant Drop in Gold Prices Amid Geopolitical Tensions

Gold Prices Plummet on March 24, 2026

On March 24, 2026, gold prices in India experienced a dramatic decline, influenced by ongoing geopolitical tensions related to the US-Israel-Iran conflict. In futures trading on the Multi Commodity Exchange (MCX), gold saw a decrease of 3.61%, equating to a drop of Rs 5,212, bringing the price down to Rs 1,39,280 per 10 grams. This significant drop follows an all-time high of Rs 1,80,779 per 10 grams recorded on January 29 of this year. The All India Sarafa Association reported that in Delhi, the price of 24-carat gold fell by Rs 9,050, settling at Rs 1,43,600 per 10 grams, including taxes. Additionally, Goodreturns noted the price of 24-carat gold at Rs 1,35,800 per 10 grams. According to the Indian Bullion and Jewelers Association (IBJA), the morning rate for 24-carat gold was Rs 1,39,569 per 10 grams.

Gold Rates According to IBJA

Gold Rates in Major Cities

Reasons Behind the Price Drop

Gold prices have been on a downward trend recently. In the international market, spot gold fell by $227.42, or 5.06%, reaching $4,263.73 per ounce. On the domestic front, futures prices dropped over 10% in just one day, with the April contract hitting Rs 1,29,595 per 10 grams. According to a senior commodities expert, the recent decline in precious metals has been significant. Spot gold reached a four-month low during trading on Monday, primarily due to escalating tensions in West Asia, which have driven up crude oil prices and heightened inflation concerns. This situation has led to fears of a stricter monetary policy. The expert noted that expectations of tighter monetary policy have increased US bond yields and strengthened the dollar, further exerting pressure on gold and silver prices. Another commodities head mentioned that the ongoing decline in spot gold prices in international markets is largely due to rising interest rate expectations, marking the worst weekly decline in over four decades.