India’s bullion market faced a sudden crash in silver prices on March 19, 2026. The price of both silver and gold declined in the bullion market. The price of gold declined to below ₹1.50 lakh per 10 grams during the day. The price of silver declined to the ₹2.35 lakh to ₹2.31 lakh per kg range. The indicative retail benchmark prices of both metals were lower compared to those of the previous session.
During the day, the price of gold on MCX touched ₹1,47,200 per 10 grams. The price of silver touched ₹2,31,282 per kg on MCX. The indicative retail benchmark prices of both metals were lower compared to those of the previous session. Earlier in the day, the price of gold touched ₹1,49,409 per 10 grams, and the price of silver touched ₹2,39,163 per kg.
For the retail benchmark rates, the India Bullion & Jewellers Association-linked rates quoted by The Economic Times indicated that the Fine Gold (999) was at ₹15,164 per gram, 22K gold at ₹14,800 per gram, and Silver (999) at ₹23,680.9 per kg equivalent benchmark quote as of the morning of the 19th of March. These rates were lower than the previous evening, when the Fine Gold (999) had traded at ₹15,488 per gram, Silver (999) at ₹24,907.
Current gold and silver price: what the fall looks like
The most important thing that readers must understand from the entire scenario is the decline, which has been witnessed both in futures as well as retail-linked contracts. In the case of the MCX futures, the decline has been more during the course of the day, with the percentage decline being higher in the case of silver as compared to gold. According to a report from Moneycontrol, silver has declined more than 6 percent during the late trade, while Reuters has stated that the spot silver has declined 10.7 percent globally, whereas the spot gold has declined 5.5 percent to trade at $4,552.38 per ounce, with the U.S. gold futures declining 7 percent.
According to a report from the Economic Times, silver has plunged by nearly ₹19,000 per kg on the MCX, while gold has moved towards ₹1.46 lakh per 10 grams.
Why gold and silver prices are falling
The main underlying reason for this decline is the shift in the interest rate scenario. According to a report published by Reuters, the decline in the price of gold was accelerated as investors were reacting to increasing concerns over inflation and expectations of high interest rates. If interest rates remain high, non-yielding assets such as gold and silver will not be so appealing.
The second underlying reason for this decline is the rise in the value of the dollar and bond yields. According to the live report published by Moneycontrol, the price of precious metals declined as the value of the dollar and bond yields rose, making investors shift their focus. In simple terms, if the value of the dollar rises, the price of commodities denominated in dollars will also rise, and investors will be less willing to buy.
The third factor is the rise in crude oil prices, which is associated with the Middle East tensions. Reuters reported that this resulted in Brent crude prices going above $110 per barrel, thus reviving the inflation concerns. Although this would normally be expected to result in an upward move in gold, this time around, the market is behaving differently, with traders being more concerned about inflation, rate cuts, and energy-related trades.
There is also a sense of profit-booking and liquidation. Reuters reported that profit-booking and rotation into energy commodities were responsible for the pressure on bullion. Moneycontrol reported that there was heavy selling pressure in the precious metals space.
Disclaimer: This article is based on publicly available market reports and benchmark pricing updates from Reuters, Moneycontrol, and The Economic Times as of March 19, 2026. Prices may change during live trading sessions.
