Gold prices in India moved upward ahead of the Holi festival on March 14, as the yellow metal continued its bullish trend. The surge in gold rates is mainly because of the drop in the U.S. dollar index, which is hovering near a four-month low at 103. Additionally, a decline in 10-year U.S. Treasury yields has further supported gold’s upward movement. Investors should keep an eye on the CPI data, which will be released later today, and the Federal Reserve’s policy updates for further market cues.

Gold Price in India Today

As of 12th March, the 24-carat gold price in India rose by Rs.490 per 10 grams, reaching Rs. 87,980. Similarly, the 22-carat gold rates in India increased by Rs.450 per 10 grams, now standing at Rs 80,650. On the other hand, 18-carat gold rates in India currently stand at Rs. 65,990, which is up by Rs. 370.

For bulkier quantities, 100 grams of 22-carat yellow metal now cost Rs. 8,06,500, which has risen by Rs. 4,500, while the 100 grams of 24-carat gold are now priced at Rs. 8,79,800 with an increase of Rs. 4,900.

Silver rates in India today

Silver prices in India on 12th March jumped massively, bringing silver prices back to above 1 lakh per kg. Silver rates in India today per kilogram cost Rs. 98,000 per kg after a rise of Rs. 2000. The price of 100 grams of silver was Rs. 10,000, which increased by Rs. 200.

MCX Gold and Silver Futures Prices

Gold prices on the MCX (Multi Commodity Exchange) slipped in the early trading hours. Currently, gold futures prices due to mature on April 4, 2025, slipped by 0.14% to Rs.86,030. Silver futures, with an expiration date of May 5, 2025, saw a jump this morning, trading 0.25% higher at Rs. 98,381.

“MCX Gold April is expected to rise towards the ₹86,500 level as long as it stays above the ₹85,500 level. MCX Silver May is expected to rise further towards the ₹99,000 level as long as it trades above the ₹97,200 level.” According to the ICICI Daily Research Report

International Gold and Silver Price Update

According to Reuters, spot gold remained flat at USD 2,916.69 per ounce as of 03:00 GMT, while U.S. gold futures inched up 0.1% to USD 2,922.30 per ounce. In contrast, spot silver slipped 0.5% to USD 32.76 per ounce. The recent surge in gold prices has been fueled by concerns over inflation and economic uncertainty, largely driven by U.S. President Donald Trump’s tariffs. These factors pushed gold to an all-time high of USD 2,956.15 per ounce on February 24, the report further stated.

Factors Affecting Gold Rates in India & Outlook Ahead

As per the ICICI Daily Research Report, “Spot gold prices ended on a positive note gaining almost 1 % , while Silver prices rose more than 2.5 % yesterday amid weakness in dollar and worries over economic slowdown due to trade war.”

“Gold is expected to rise further towards the $2930 level on a weak dollar and softening of US treasury yields. Further, demand for safe haven may increase on concerns over the global trade war. Investors fear that US tariffs on its major trading partners and retaliation from them would fuel a global trade war, hurting economic growth. The US White House said a 25% tariff on steel and aluminum will go into effect for all US trading partners at midnight on March 12. Meanwhile, all eyes will be on inflation data from the US to get more clarity on the interest rate trajectory. Hotter than expected CPI data would evade the expectation of a higher magnitude of monetary easing. Spot gold is likely to hold the support near the $2890 level and rise towards the $2930 level. A break above the $2930 level prices may rally further towards the $2950 level.”