MCX gold rises 2% to above ₹1.42 lakh/10 gms; silver soars over ₹8,000 as dollar weakens on March 25

At around 11:22 AM, the yellow metal contract was trading ₹3,007 or 2.16% higher at ₹1,42,500 per 10 grams in business transactions of 2,408 lots, tracking gains in international prices.

Similarly, silver futures for expiry in May jumped as much as ₹8,030 or 3.65% to hit the day’s peak of ₹2,27,901 per kilogram on the MCX, in comparison to the closing price of ₹2,19,874 per kilogram on Thursday.

At the time of writing, it stood at ₹2,27,855 per kilogram, marking a ₹7,981 or 3.63% increase in business transactions of lots.

The MCX was partially open for the evening session on Thursday, March 26, on the occasion of Ram Navami.

International prices

Globally, COMEX gold (for delivery in April) advanced as much as 2.12% to an intraday high of $4,469.30 per troy ounce, compared to the closing price of $4,376.30 per troy ounce on Thursday.

At the time of writing, it was trading 1.44% higher at $4,439.20 per toy ounce.

Similarly, COMEX silver (with expiry in May) gained as much as 3.67% to the day’s peak of $70.43 per ounce, from the close of $67.93 per ounce in the previous session.

It was trading at $70.27 per ounce, reflecting a 3.45% jump at the time of writing.

Why are gold and silver prices rising?

Precious metal prices rose as the US dollar softened, with the dollar index, which gauges the greenback's strength against a basket of six currencies, trading 0.02% lower at 99.84.

However, gold futures might be on track to close in the negative territory for the fourth consecutive week.

While Brent crude oil declined from their highs on Thursday, it has held above the $105 per barrel (bbl) mark today, stoking fears of inflation. The conflict in West Asia has led to the closure of the Strait of Hormuz, a critical energy chokepoint that saw the passage of roughly 20% of global crude before the war.

Inflationary pressure caused by soaring crude prices has also led to concerns that Central Banks across the globe might opt for interest rate hikes in 2026.

In a post on Truth Social, US President Donald Trump announced a halt to strikes targeting Iranian energy infrastructure for 10 days until April 6.

"As per Iranian Government request, please let this statement serve to represent that I am pausing the period of Energy Plant destruction by 10 Days to Monday, April 6, 2026, at 8 P.M., Eastern Time. Talks are ongoing and, despite erroneous statements to the contrary by the Fake News Media and others, they are going very well,” the post read.