Gold and Silver Prices Decline Amid Middle East Conflict and Rising Oil Prices
Gold and silver prices have fallen as escalating Middle East tensions drive up oil prices and strengthen the US dollar, impacting global markets.
Gold and silver prices declined on March 9, 2026, influenced by escalating tensions in the Middle East, which have led to a surge in oil prices and a stronger US dollar. On the Multi Commodity Exchange (MCX), gold futures for April delivery opened at ₹1,60,651 per 10 grams, down from the previous close of ₹1,61,634. Silver futures for May delivery also fell, opening at ₹2,67,497 per kilogram compared to the previous close of ₹2,68,285.
In the international market, spot gold was trading 1.70% lower at $5,071.20 per ounce, while silver declined by 4.25% to $80.89 per ounce.
The ongoing conflict between the US, Israel, and Iran has significantly impacted global oil supplies, with crude oil prices rising above $90 per barrel. This surge has intensified inflation concerns and strengthened the US dollar, making non-yielding assets like gold less attractive to investors.
Analysts suggest that the bullion market may remain volatile amid geopolitical tensions and currency fluctuations. Investors are advised to monitor developments closely and consider a buy-on-dips strategy during market corrections.