Gold and Silver Plummet to 4-Month Low Amid Iran-US Conflict: City Rates Detailed
Gold and silver eased across India on Monday, even as tensions between the US and Iran escalated. Traders and investors reduced positions amid margin calls, analysts said.
City rates and local pricing
City rates show modest differences across major centres. Filmogaz.com compiled the latest 22-carat gold and silver prices for March 23, 2026.
| City | 22-carat gold (₹/10g) | Silver (₹/10g) |
|---|---|---|
| Delhi | 1,25,467.27 | 2,300 |
| Mumbai | 1,25,592.74 | 2,300 |
| Chennai | 1,26,596.47 | 2,350 |
| Kolkata | 1,26,471.01 | 2,300 |
| Bengaluru | 1,28,350.00 | 2,300 |
| Hyderabad | 1,28,350.00 | 2,300 |
Global moves and benchmark levels
International prices slid sharply on Monday. Spot gold fell about 2.5% to $4,372.86 per ounce at 02:38 GMT.
The metal reached its lowest level since January 2. It also lost more than 10% over the prior week, Reuters reported.
Drivers behind the decline
Analysts pointed to a margin call environment. Investors sold profitable gold to cover stock market losses, industry sources told ANI.
Other headwinds included higher interest rates and a firm US dollar. Those factors limit upside for bullion, analysts cautioned to PTI.
Pranav Mer, vice president of EBG – Commodity & Currency Research at JM Financial Services Ltd, expects short-term consolidation. He said prices could see a small recovery before making a decisive move.
Context and outlook
The pullback occurred amid the Iran-US conflict. Still, the selling pressure outweighed safe-haven demand in the short term.
Market watchers said precious metal prices may stabilise next week. Any recovery could remain capped by macroeconomic pressures.
Filmogaz.com will continue to track city rates and global developments. Check updates for fresh levels and market analysis.
