Gold Silver Rate Today, 23 March 2026: City-Wise Prices, MCX Gold And Silver Extend March Weakness

Gold price today in India remains near recent lows amid a firmer US dollar and hawkish central bank guidance. Domestic rates vary by city with modest declines, while international prices hover around high levels. The trend is influenced by currency moves, interest rate expectations and potential wedding-season buying.

Gold and silver prices in India on 23 March 2026 hold close to recent lows, reflecting pressure from a stronger US dollar and firm central bank guidance on interest rates. International spot gold trades near $4,489.50 per ounce, while spot silver hovers around $67.42 per ounce. Domestically, 24K gold is about ₹1.45 lakh per 10 grams and silver is near ₹2.44 lakh per kilogram.

The recent slide has been sharp for both metals. Gold has fallen more than 10% from recent highs, marking one of the steepest weekly drops in decades. Silver has dropped about 16.98% from its early March peak of ₹3,15,000 per kilogram. Despite the correction, some banks still project long-term gold targets above $6,000 per ounce by the end of 2026.

Gold Price Today and Silver Price Today: domestic market snapshot

Across Indian cities, gold and silver show modest day-on-day declines, with broad alignment to national benchmarks. Standard 24K gold in many metros, including Mumbai, Bangalore and Hyderabad, is quoted around ₹1,45,960 per 10 grams, while Delhi is slightly higher. Silver 999 in most regions trades at ₹2,44,900 per kilogram, though southern centres such as Chennai and Kerala show visible premiums.

Domestic gold prices in India on 23 March 2026 show a minor daily dip of ₹10 per 10 grams across key purity levels. The fall is modest when compared with the steep global correction. Kolkata stands out for offering a marked discount versus other metros, while Chennai posts the highest 24K levels among the listed cities.

Gold Price Today and Silver Price Today: market drivers and outlook

Gold’s recent weakness follows what market watchers describe as the worst weekly performance in decades, with bullion sliding more than 10% from previous highs. The main headwinds are a firm US dollar and hawkish comments from central banks on interest rates, which reduce the appeal of non-yielding assets like gold in the near term.

Analysts note that if the dollar index stays strong, international gold prices could retest $4,400 per ounce in the short run. Geopolitical risks are offering some support, but these are being overshadowed by currency moves. A softer policy stance from central banks or a fresh flare-up in tensions could support prices again after the recent correction.

Indian buyers are seeing a different mix of influences on gold price today, including currency moves and seasonal demand. A weaker rupee could offset part of any further global decline. The approach of the wedding season may add physical buying support, while any revision in import duty would directly affect domestic rates for jewellery and coins.

Market experts highlight that the March decline has taken gold far below the month’s opening levels in India, with 24K prices sliding from ₹17,309 to ₹14,596 per gram by 23 March 2026. The drop of around 15.67% is similar in scale for 22K gold. For some long-term investors, these levels are now being watched for staggered accumulation.

Despite the current pullback, some major banks continue to project ambitious long-term price targets. Forecasts still point to gold potentially moving beyond $6,000 per ounce by the end of 2026, assuming supportive macro trends. For now, though, hawkish rate expectations keep upside limited, and traders remain sensitive to every move in the dollar index.

Silver has tracked gold’s weaker tone but with an even steeper percentage fall this month, drawing close attention from investors focused on silver price today. International spot silver trades near $67.42 per ounce, while domestic silver 999 holds around ₹2,44,900 per kilogram, down ₹100 from the previous session.

Rising bond yields are another key factor affecting both gold price today and silver price today, as higher returns from fixed-income securities reduce interest in precious metals. For silver, the next major international support is seen around $65 per ounce. If the US dollar continues to advance, analysts warn that this level could be tested soon.

Analysts tracking silver price today say the metal has experienced a swift reversal after earlier gains fuelled by safe-haven interest. As one analysis notes, recent "safe-haven" demand is being countered by profit-taking and geopolitical trade uncertainties. Southern cities like Chennai, Hyderabad and Kerala generally trade about ₹5,000 per kilogram above the national rate because of stronger local and industrial demand.

Short-term views on silver echo the cautious tone seen for gold price today. If the dollar index keeps rising, silver could move towards $65 per ounce. Higher bond yields remain a headwind, and profit-booking may persist if no new triggers appear. On the supportive side, any revival in global manufacturing or solar panel demand could help stabilise prices.

Domestic silver pricing for Indian buyers is also affected by rupee moves and taxes, similar to gold price today. A weaker rupee would lessen the impact of overseas declines when converted into rupees. Existing prices already factor in import duties on physical silver, and a 3% Goods and Services Tax is charged on top of the quoted base value.

Experts emphasise that the current silver levels represent a large correction from early March highs, which some long-term participants may view as an entry zone. Their base case is that if the dollar index continues strengthening, silver could test $65 in the coming weeks, but any escalation in geopolitical tensions or stronger industrial usage could prompt a rebound.

Gold Price Today and Silver Price Today: what Indian buyers should know

For both gold price today and silver price today, buyers need to account for tax and making costs beyond the raw rate. In India, gold attracts a 3% GST on the value of the metal, and jewellery buyers also pay making charges that usually range between 5% and 35%, depending on craftsmanship and design complexity.

Silver buyers face similar cost layers, with a 3% GST on domestic purchases in addition to the market rate. Making charges for silver jewellery or utensils typically fall between 5% and 25%. Many investors prefer to avoid such extras by choosing Gold ETFs, Silver ETFs or digital products, which track prices without physical handling.

All figures quoted for gold price today and silver price today are indicative market levels sourced from trade channels as of 23 March 2026. The rates exclude GST, Tax Collected at Source and making charges, which are added at the point of sale. Buyers are advised to confirm live prices and total costs, including all levies, with local jewellers or authorised dealers before finalising transactions.