Mumbai, March 24: Gold and silver prices witnessed a sharp decline on Tuesday, even as hopes of de-escalation in the West Asia conflict weighed on safe-haven demand after the US President announced a temporary pause on potential strikes targeting Iran’s energy infrastructure. On the Multi Commodity Exchange (MCX), gold futures (April 2) fell as much as Rs 2,576 or around 2 per cent to hit an intra-day low of Rs 1,36,684 per 10 grams by 10:40 am.

The yellow metal was last trading at Rs 1,37,100, down Rs 2,160 or 1.5 per cent. Silver futures (May 5) also plunged 4.73 per cent, or Rs 10,667, to Rs 2,14,500 per kg during the session. In the global market, COMEX gold was trading at $4,368.76, down 1.6 per cent, after slipping to an intraday low of $4,340. Gold Rate Today, March 24, 2026: Check 22K and 24K Gold Prices in Delhi, Mumbai, Chennai And Other Cities.

Meanwhile, COMEX silver declined around 4 per cent to $66.56, after hitting an intraday low of $66.16. Precious metals came under pressure after the US President said Washington and Tehran had held “very good and productive conversations” over the past two days, adding that any military action on Iranian power plants and energy infrastructure would be deferred for five days, subject to further discussions. However, Iran’s parliamentary speaker Mohammad-Bagher Ghalibaf denied that any negotiations had taken place, calling such reports “fake news” aimed at influencing financial and oil markets.

According to analysts, COMEX gold is currently trading in the $4,300–$4,380 range after a sharp correction, with the broader trend remaining weak despite intermittent safe-haven support. Immediate resistance is seen at $4,470–$4,500, while a break below $4,250 could trigger further downside toward $4,100 levels. "MCX gold, which opened gap-down, is holding above Rs 1,36,000 but continues to exhibit a weak recovery within a broader bearish trend. Gold Price Slides Below USD 4350 to 2026 Low as Strong US Dollar Triggers Sharp Sell-Off.

Resistance is placed at Rs 1,39,000–Rs 1,40,000, while a fall below Rs 1,34,000 may extend losses toward Rs 1,30,000," according to them. They also said that COMEX silver remains under pressure below the $68–$70 resistance zone, with downside risks toward $64–$61 if support levels fail. Similarly, MCX silver is trading in the Rs 2,15,000–Rs 2,20,000 range, with a bearish bias unless prices reclaim higher resistance levels, the analysts added.

TruLY Score by LatestLY
Rating:4

TruLY Score 4 – Reliable | On a Trust Scale of 0-5 this article has scored 4 on LatestLY. The information comes from reputable news agencies like (IANS). While not an official source, it meets professional journalism standards and can be confidently shared with your friends and family, though some updates may follow.

(The above story first appeared on LatestLY on Mar 24, 2026 12:00 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).