Current Market Overview
As of March 8, 2026, the prices of gold and silver on the Multi Commodity Exchange (MCX) in India have been notably influenced by rising safe haven demand amid escalating tensions in the Middle East.
The 24-carat gold price in India is currently around ₹16,364 per gram, while 22-carat gold is priced at approximately ₹15,000 per gram. Additionally, 18-carat gold is trading near ₹12,273 per gram.
Recent Developments
In the evening trade on March 7, MCX gold futures reached ₹161,675 per 10 grams, reflecting a significant uptick in demand. This surge is attributed to the ongoing geopolitical uncertainties that have prompted investors to seek safety in bullion.
As the market opened on March 8, 24-carat gold (99.99% purity) was priced at ₹16,380 per gram, while 22-carat gold (91.6% purity) was at ₹15,015 per gram. The 18-carat gold (75% purity) saw a price of ₹12,288 per gram.
Silver Prices
Silver has also experienced fluctuations, trading at roughly ₹285 per gram, a marginal decline from the previous day. Analysts are closely monitoring silver prices, which are eyed at ₹3 lakh per kilogram.
Market Sentiment
Market analysts note that the current price movements are significant, with MCX gold futures testing the ₹1.70 lakh mark per 10 grams. The international spot gold price has been reported near $5,174, indicating a strong global demand for gold.
Gold prices today in India climbed as safe haven demand intensified due to geopolitical tensions. Analysts suggest that if prices close firmly above ₹1.70 lakh, momentum strategies may become effective, although trailing stops should be maintained.
Looking ahead, analysts caution that prices could ease in the coming days if US measures to stabilize oil supplies and global markets prove effective. This situation underscores the importance of geopolitical developments and their impact on commodity prices.
Overall, the fluctuations in MCX gold and silver prices reflect broader economic conditions and investor sentiment in response to global events. The ongoing situation will continue to be monitored closely by market participants.
