Gold vs Silver: Why Both Metals Are Falling Despite Global Uncertainty

Precious metals are bleeding.

Gold and silver rates fell further on March 23, 2026, with 24K gold price at Rs 14,017 per gram and silver at Rs 2,272 per 10 grams in Delhi. All tracking global weakness triggered by the US Federal Reserve holding interest rates steady and projecting only one rate cut for 2026. Silver, reportedly, has shed nearly 21 per cent month-to-date in international markets. 

Here's everything you need to know.

Why are gold silver rates falling?

The primary trigger is the US Federal Reserve's decision to hold interest rates steady and signal just one possible rate cut for 2026. This has kept the dollar firm, making dollar-denominated gold and silver costlier for global buyers and dampening demand. 

As US-Iran tensions push the dollar to record highs, gold’s appeal as a “safe haven” has taken a back seat --- with investors increasingly cashing out of the metal in favour of dollar-denominated assets

What are the city-wise gold rates on March 23, 2026?

According to DNA India, 24K gold in Delhi stands at Rs 14,017 per gram with 22K at Rs 12,850, while Mumbai, Bengaluru, and Kolkata are lower at Rs 14,002 per gram (and Rs 12,835 for 22K).

What are city-wise silver prices?

Silver in Delhi, Mumbai, Kolkata and Chennai is priced at Rs 2,272 per 10 grams. According to OneIndia, over the last ten days, the data of silver price today shows a sharp retreat from early March peaks. On the MCX, silver futures hit their lower circuit earlier today, dropping over 11%.

Why do domestic rates differ from global declines?

Domestic gold silver rates don't move in a straight line with global declines. Currency fluctuations, local demand - especially during the ongoing wedding season - and India's GST structure (3% on gold value, 5% on making charges) all buffer or amplify international moves.

Should buyers prefer physical gold or Gold ETFs?

According to OneIndia, physical gold attracts 3% GST plus making charges of 10-35%, whereas Gold ETFs incur no GST on purchase and carry annual expense ratios between 0.3% and 1.0%. For pure investment purposes, ETFs offer a leaner cost structure, though physical gold remains culturally preferred.

What is the outlook for gold silver rates?

Analysts, reportedly, warn that if the dollar index keeps climbing, gold could test the $4,400 level. A key support sits near $4,500 per ounce. Silver may test $65 per ounce if selling pressure persists. Domestically, a weaker rupee could cushion some of the downside for Indian buyers.

(With inputs from yMedia)