MCX gold prices rise 2% to ₹147,978/10 grams; silver rebounds more than ₹7,000 amid mixed cues over West Asia conflict

As of 9:18 a.m., the MCX gold prices were up 2.09% or ₹3,024 per 10 grams to ₹147,978 per 10 grams in the early market hours on Friday, compared to the previous market close level of the commodity at ₹144,954, according to the exchange data.

The silver prices were trading 3.06% or ₹7,085 per kilogram (kg) higher at ₹238,545 per kg during the early trading on Friday, compared to ₹231,460 at the previous market close, MCX data showed.

Analysts predict that the gold prices witnessed a two-day market-wide selloff due to the rising tensions in the Middle East, making investors focus their attention on the US Dollar and the government treasuries on the backdrop of the US Federal Reserve keeping its rates on hold and charting one potential rate cut for this year.

Global gold & US dollar

The New York Mercantile Exchange-based COMEX gold prices were trading 2.59% higher at $4,725.10 per ounce as of 12 a.m. (EDT) on March 19, 2026, compared to the previous commodity market close level of $4,605.70 per ounce. The gold prices dropped to hit a low of $4,635.80 per ounce during the trading session on Thursday in the Western nation.

Looking at the US dollar, the Bloomberg US Dollar Spot Index was trading 0.20% higher at 99.4260 as of 12 a.m. (EDT) on Thursday, March 19. The US greenback index rates have cooled to an extent from Thursday, where they were trading around 100 mark.

With the escalating tensions in West Asia, the market investors were focusing on the higher interest rate on US bonds and the rising US dollar prices, which was fuelling the downward trend of precious metal gold since the beginning of the US-Iran conflict.

In case of dollar, the currency has an inverse relation with gold prices, hence a marginal fall in US dollar will enable buyers to buy more gold bolstering the investors interest in the metal amid the geopolitical conflict.

According to a CNBC TV-18 report, the easing crude oil prices due to the shifting tensions between United States and Iran are also fuelling the uptick in the gold prices on the global market. As per the latest development, crude oil prices cooled to an extent still remaining above the $100 per barrel psychological mark on March 20, after Israeli PM Benjamin Netanyahu’s official statement, that the United States was not involved in the recent attacks on Iran’s natural gas reserves in the South Pars region.

However, the precious metal still remains subject to significant pressure from the volatility as the broader market remains cautious amid the dynamic conflict developments.