MCX gold prices slide 1.7% to ₹136,898/10 grams, silver prices drop ₹10,167/kg amid mixed cues on West Asia conflict

Precious metal gold and silver prices on the Multi-Commodity Exchange (MCX) dropped during the morning trading hours on Tuesday, March 24, 2026, amid mixed global cues and pressures from the West Asia conflict between the United States and Iran.

During Monday’s market hours, gold and silver prices were witnessing a highly volatile session due to the recent developments of US President Trump announcing a five-day pause for all military strikes on key energy resources of Iran, as the two countries are allegedly holding talks. However, Iran has refuted this claim.

The tensions were also escalating after Trump, at an event in Tennessee, United States, said that Iran has ‘one more chance’ at peace without providing any details of either the ongoing talks or the alleged deal on the table for Iran, according to a BBC report.

Investors were trading the commodities amid the uncertainties about any potential near term end to the US-Iran conflict and Iran’s rejected claims of negotiation with the United States. After a brief rebound in prices post-Trump’s announcement on Monday, the rejections and further comments weighed down the precious metal rates during Tuesday’s market.

Gold & silver prices today

MCX gold prices were trading 1.7% or ₹2,362 per 10 grams higher at ₹136,898 per 10 grams as of 10:54 a.m. on Tuesday, compared to ₹139,260 per 10 grams at the previous market close, according to the exchange data.

The silver prices were trading 4.52% or ₹10,167 per kilogram (kg) lower at ₹215,000 per kg as of 10:55 a.m. on March 24, compared to ₹225,167 per kg at the previous market session, according to Multi-Commodity Exchange data.

US dollar influence

The gold prices were also experiencing extensive pressure from the rising demand for the US dollar in the global market. As the gold and dollar rates have an inverse relationship, this is further softening the demand for the precious metals.

Precious metals have an inverse relationship with the US greenback, as buyers looking to purchase gold will be able to buy less of the commodity with a higher dollar rate, and vice versa. So this factor is also weighing down the rates of the precious metals in the market.

According to the Blomberg US dollar spot index, the greenback was trading 0.49% higher at 99.431 as of 1:12 a.m. (EDT) on Tuesday, March 24.

Global gold & silver rates today

The New York Mercantile Exchange-based COMEX gold prices were trading 1.48% lower at $4,342.20 per ounce as of 1:24 a.m. (EDT) on Tuesday, March 24, compared to $4,407.30 per ounce at the previous market close, according to the exchange data.

COMEX silver was trading 4.35% lower at $66.46 per ounce as of 1:24 a.m. (EDT), compared to the previous market close level of $69.355 per ounce, as per the data.

The brief rebound was also witnessed in the global rates, with gold surging to $4,450.50 per ounce near the afternoon market session on March 23, before resuming its downward trend in the market over a strong dollar demand.