Gold prices in the US were down 1.2 per cent to $5,098 an ounce after shedding 2 per cent in the earlier session as dollar strengthened against major currencies
The sharp depreciation of the rupee against dollar has cushioned domestic bullion prices from the impact of global slide in gold prices.
The rupee depreciated to an all-time closing low of 92.35 against the US dollar, losing 53 paise on Monday, as the conflict in West Asia worsened with Iran putting pressure on neighbouring countries to tame US aggression.
Gold prices in the US were down 1.2 per cent to $5,098 an ounce after shedding 2 per cent in the earlier session as dollar strengthened against major currencies. In the futures market, gold April contract dropped to $5,112 an ounce. Silver was down 2 per cent at $82 per ounce. Despite the growing crisis, gold prices fell as investors preferred to book-profit after prolonged rally.
spot gold price
However, in India, spot gold prices were down marginally by ₹77 at ₹158,674 per 10 grams against ₹158,751, according to the Indian Bullion and Jewellers Association. Silver slipped by ₹667 to ₹260,056 per kg against ₹260,723 on Friday.
Prithviraj Kothari, President, India Bullion and Jewellers Association, said domestic domestic bullion prices are derived from international spot prices, but are adjusted for the USD/INR exchange rate, import duty and GST. With the rupee weakening to around ₹92 per dollar, largely due to rising crude oil prices and capital outflows, the currency effect is offsetting the decline in international prices, he said.
Manav Modi, Commodities Analyst, Motilal Oswal Financial Services, said the disparity in domestic and international prices was largely due to rupee depreciation against dollar, which made gold prices costlier than international market and somewhat covered the dip in global prices.
This apart, he said the volatility in rupee-dollar prices also led to variations in bullion prices. The rupee traded at 90.50 against dollar a couple of weeks ago and moved down sharply to about 92.5 now, he added.
Gaurav Garg, Research Analyst, Lemonn Markets Desk, said gold and silver prices experienced notable declines, driven by a stronger US dollar and escalating crude oil prices that heightened inflation fears.
Gold fell to $5,098 an ounce, translating to about ₹151,203 per 10 grams, while silver decreased by 0.54 per cent to $83.44 per ounce, equivalent to around ₹2,47,494 per kg, he added.
Published on March 9, 2026
