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Gold Rate Today, March 9 2026: Gold and silver prices fell sharply on Monday (March 9), weighed down by the strength of the US dollar and rising oil prices amid escalating tensions between the United States and Iran.
Precious Metals Decline
As of 6:20 am, spot gold slipped 2.5 per cent, or USD 128, to trade at USD 5,042.02. The price had earlier fallen to as low as USD 5,028.84 during the session. However, at the time of writing this report, gold prices on the Multi-Commodity Exchange (MCX) were not trading. (Gold prices in India)
Stronger US Dollar Pressures Gold
The US dollar, measured against a basket of currencies, was up 0.7 per cent, moving closer to the USD 100 mark. A stronger dollar makes gold less attractive for foreign buyers.
The US dollar is also considered a safe-haven asset, as investors tend to move their funds into it during periods of global uncertainty, which boosts its value.
As investors shift towards the US dollar as a safe asset during such times, demand for precious metals like gold tends to decline, despite gold also being regarded as a safe-haven metal.
Oil Prices Surge Above USD 100
Rising tensions in the Middle East pushed oil prices above USD 100. As of 6:40 am, Brent crude was up 17 per cent at USD 108.41, while its counterpart, WTI crude, gained over 19 per cent to trade at USD 108.40.
Oil and the US dollar are closely linked because oil is globally priced in USD. As a result, when oil demand or prices change, it can influence demand for the US dollar and affect its value.
Market in ‘Wait and Watch’ Mode
According to market experts, the market has moved into a “wait and watch” mode, compared to earlier predictions that gold prices could potentially reach Rs 1.8 lakh to Rs 2 lakh.
However, experts also noted that about 75 per cent of the gold supply comes from the Middle East. If the current crisis continues for an extended period, precious metal prices in India could see an upside.
Geopolitical Developments
On the geopolitical front, Mojtaba Khamenei, the second son of Ayatollah Ali Khamenei, has reportedly been chosen by Iran’s Assembly of Experts to succeed his late father as supreme leader following his killing last week in the US-Israel war.
Poland Considers Selling Gold Reserves
In a separate development, a report by Bloomberg stated that the governor of the National Bank of Poland (NBP), Adam Glapiński, has proposed a plan to sell some of the country’s gold reserves to help fund increased defence spending.
City-wise Gold Rate (Per 10 Grams)
| City Name | 24 Carat Gold Price Today | 22 Carat Gold Price Today | 18 Carat Gold Price Today |
| Delhi | Rs 163800 | Rs 150150 | Rs 122880 |
| Mumbai | Rs 163640 | Rs 150000 | Rs 122730 |
| Kolkata | Rs 163640 | Rs 150000 | Rs 122730 |
| Chennai | Rs 164180 | Rs 150500 | Rs 130700 |
| Patna | Rs 163700 | Rs 150050 | Rs 122780 |
| Lucknow | Rs 163800 | Rs 150150 | Rs 122880 |
| Meerut | Rs 163800 | Rs 150150 | Rs 122880 |
| Ghaziabad | Rs 163800 | Rs 150150 | Rs 122880 |
| Noida | Rs 163800 | Rs 150150 | Rs 122880 |
| Gurugram | Rs 163800 | Rs 150150 | Rs 122880 |
Gold prices remained largely in the simlar range across major cities. 24-carat gold ranged between Rs 163,640 and Rs 164,180 per 10 grams, while 22-carat traded around Rs 150,000–Rs 150,500 and 18-carat between Rs 122,730 and Rs 130,700.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)
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