Recent Decline in Gold and Silver Prices Amid Middle East Tensions
Significant Drop in Precious Metal Prices
Recently, there has been a notable decrease in the prices of gold and silver. Despite the ongoing crisis in the Middle East, particularly the escalating tensions between the US and Israel with Iran, investors have engaged in profit booking, leading to a drop in prices. Gold had recently reached record highs, but is now undergoing a correction. Factors such as a strong dollar, rising yields, and inflation concerns have also impacted the demand for safe-haven assets.
Current Prices as of March 7, 2026:
Current Prices as of March 7, 2026:
- 22 Carat Gold: Approximately ₹14,770 to ₹14,784 per gram (close to your quoted ₹14,770, with slight variations across different cities).
- In Delhi/Mumbai, 22K: ₹14,769-₹14,784 per gram.
- For 10 grams: ₹1,47,690 to ₹1,47,840.
- 24 Carat Gold: ₹16,112 to ₹16,127 per gram.
- Silver: ₹284-₹285 per gram, or ₹2,84,900 per kilogram (recently stable but previously lower).
In the past few days, gold has seen a decline of ₹1,000-₹2,000 per 10 grams, while internationally, spot gold is trading around $5,100-$5,180 per ounce.
Is Now a Good Time to Buy?
Is Now a Good Time to Buy?
Yes, this decline may present a favorable entry point for investors, especially for those looking at long-term investments. With the ongoing Middle East crisis, demand for safe-haven assets could rise again, and many experts believe that gold prices could increase once more (some estimates suggest $5,300+ or over ₹1.65 lakh per 10 grams in India). However, consider the following:
- In the short term, further declines are possible if profit booking continues or if any diplomatic resolutions occur.
- Silver is also experiencing corrections, but it tends to be more volatile than gold.
- Before investing, check local jewelry market rates, MCX rates, and applicable taxes/making charges. Explore options for investing in physical gold, ETFs, or sovereign gold bonds.