Gold prices in India have declined despite the geopolitical tensions triggered by the war between the US and Iran in the Middle East region. On Monday, MCX gold rate opened 3% lower at ₹1,40,158 per 10 grams and hit a low of ₹1,33,352, dropping by almost 7.70%.
The slump in the rates is being attributed to a margin call environment, where investors are selling profitable gold positions to cover losses in equities, as per analysts cited by ANI. Track live updates on Middle East conflict
Here are city wise gold and silver rates in India on Monday, March 23, 2026:
Delhi: In the national capital, the gold rates for 22 carat gold stood at ₹1,25,467.27 per 10 gram. Silver prices in Delhi today stood at ₹2,300 per 10 grams.
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Mumbai: The gold rates for 22 carat gold in Mumbai on Monday stood at ₹1,25,592.74 per 10 gram. Silver in Mumbai stood at ₹2,300 per 10 grams.
{{/usCountry}}Mumbai: The gold rates for 22 carat gold in Mumbai on Monday stood at ₹1,25,592.74 per 10 gram. Silver in Mumbai stood at ₹2,300 per 10 grams.
{{/usCountry}}Chennai: For 22 carat gold in Chennai, the rates stood at ₹1,26,596.47 per 10 gram. The silver prices stood at ₹2,350 per 10 grams.
Kolkata: For 22 carat gold in Kolkata, the rates stood at ₹1,26,471.01 per 10 grams. Silver stood at ₹2,300 per 10 grams.
Bengaluru: Price for 22 carat gold in Bengaluru stood at ₹1,28,350 per 10 grams, while silver stood at ₹2,300 per 10 grams.
Hyderabad: 22 carat gold in Hyderabad on Monday stood at ₹1,28,350 per 10 grams and silver stood at ₹2,300 per 10 grams.
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Globally, the gold prices slipped more than 2% on Monday, extending their drop to a roughly four-month low. Spot gold was down 2.5% at $4,372.86 per ounce, as of 0238 GMT. The metal, which fell on Monday to its lowest level since January 2, lost more than 10% last week, Reuters reported.
Amid the dip, precious metal prices are likely to consolidate with a mild recovery bias next week after a sharp correction, though the upside may remain capped amid elevated interest rates and a firm US dollar, PTI quoted analysts as saying.
"In the week ahead, gold price may see some consolidation and slight recovery before prices make their next move either side," Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services Ltd, told PTI.
In the domestic market, precious metal prices witnessed steep losses last week.
Analysts said the sharp fall was triggered by rising inflation fears and a surge in crude oil prices, which have clouded the global economic outlook.