Gold, silver price today: MCX gold rises ₹1,600; silver prices up 3% as US dollar slides amid hopes of easing US-Iran tensions

Gold and silver prices on the Multi-Commodity Exchange (MCX) rose during the early trading session on Tuesday, March 10, 2026, as the US dollar was down 0.24% amid investor hopes of easing US-Iran tensions after United States President Donald Trump’s recent comments on a potential end to the war in the near term.

As of 9:58 a.m. (IST), gold prices for the April 2026 contract were trading 1.03% or ₹1,651 per 10 grams higher at ₹161,950 per 10 grams on Tuesday’s commodity market, compared to ₹160,299 per 10 grams at the previous market close, according to MCX data.

While the silver prices for the May 2026 contract were trading 3.22% or ₹8,599 per kilogram (kg) higher at ₹275,759 per kg as of 9:59 a.m. (IST), compared to ₹267,160 per kg at the previous close, the exchange data showed.

The precious metals rose during Tuesday’s trading session after US President Donald Trump, in a press conference in Florida, said that the conflict in West Asia is potentially nearing an end soon, which fueled the drop in oil prices and the US dollar.

US Dollar falls

Gold prices are mainly linked to movements in the US dollar, as the precious metal is traded globally using the greenback. Hence, when the dollar strengthens or weakens in the market due to the geopolitical dynamics, then this move also affects the prices of the precious metals gold and silver amid other triggers.

On the global front, the COMEX gold was trading 1.31% higher at $5,171 per ounce as of 9:55 a.m. (IST), compared to $5,103.70 per ounce at the previous market close. While the COMEX silver was trading 4.92% higher at $88.696 per ounce, compared to its previous $84.523 levels.

Trump’s threat to Iran

Donald Trump, via a social media post on Truth Social, also warned Iran that if the authorities do anything to stop the flow of oil within the key maritime trade passage, the Strait of Hormuz, then they will be “hit” by the United States “harder” than thus far.

“If Iran does anything that stops the flow of Oil within the Strait of Hormuz, they will be hit by the United States of America TWENTY TIMES HARDER than they have been hit thus far,” said Trump in his post. “Additionally, we will take out easily destroyable targets that will make it virtually impossible for Iran to ever be built back, as a Nation, again — Death, Fire, and Fury will reign upon them — But I hope, and pray, that it does not happen!”

Trump also said that this move is a gift from the United States to nations like China that use the key trade passage for importing crude oil from the West Asian countries.