Gold Prices Near $4,489 Amid Strong Dollar; Indian Rates Drop to ₹1.45L
On 23 March 2026, international spot gold traded around $4,489.50 per ounce. Domestic 24K gold in India hovered near ₹1.45 lakh per 10 grams. Filmogaz.com reports the metal logged a weekly drop exceeding 10 percent.
Market snapshot
| Spot gold (per ounce) | $4,489.50 |
| Weekly change | Down over 10% |
| Open / High / Low | $4,450.00 / $4,537.10 / $4,446.30 |
| Previous close | $4,574.90 |
| Daily change | -1.87% |
| Volume / Open interest | 12,396 / 149,298 |
Intraday readings
Price ticks showed modest volatility over three days. Values recorded included $4,550 on 21 March and $4,480 on 23 March midnight.
Domestic rates and city prices
Retail rates in India eased slightly on 23 March. The 24K rate stood near ₹14,596 per gram, or about ₹1,45,960 per 10 grams.
| Type | Per gram | Per 10 g |
|---|---|---|
| 24K (99.9%) | ₹14,596 | ₹1,45,960 |
| 22K (91.6%) | ₹13,379 | ₹1,33,790 |
| 18K | ₹10,947 | ₹1,09,470 |
Citywise highlights (per 10g)
- Chennai: ₹1,48,570 for 24K.
- Delhi: ₹1,46,110 for 24K.
- Mumbai, Bangalore, Hyderabad: ₹1,45,960 for 24K.
- Kolkata: ₹1,42,070 for 24K, showing a notable discount.
Price movement in March
Gold peaked early in March and fell sharply by month end. On 1 March, 24K was near ₹17,309 per gram. By 23 March it reached about ₹14,596 per gram.
The month-to-date decline stood around 15.7 percent for both 22K and 24K. The move marked one of the steepest weekly declines in decades.
Drivers and near-term outlook
Dollar strength and hawkish central bank signals pressured bullion. Those factors remain the dominant influence on near-term prices.
- If the US dollar strengthens further, gold could test $4,400 per ounce.
- Some banks still project long-term targets above $6,000 per ounce by year-end.
- Geopolitical flare-ups could provide price support if tensions escalate.
- A weaker rupee might cushion domestic buyers against international declines.
- Seasonal demand from weddings may bolster physical offtake in India.
Analyst view
Several analysts expect limited near-term upside. A dovish central bank pivot or rising geopolitical risks could prompt a rebound.
Guidance for buyers and investors
Buyers should account for taxes and charges. A 3% GST applies to gold purchases in India.
Making charges on jewellery typically range from 5% to 35%. Alternative routes include Gold ETFs and digital gold.
Gold prices near $4,489 have pressured Indian rates, which have dropped to around ₹1.45L per 10 grams. Filmogaz.com advises readers to verify local rates before buying.
Disclaimer: Rates are indicative as of 23 March 2026. Final prices may include GST, TCS and making charges. Please confirm with local jewellers or brokers.
