Gold and silver prices reached historic highs in Indian markets on the morning of March 15, 2026, as investors fled to safe-haven assets amid the escalating Iran-Israel conflict and broader concerns about US dollar weakness and sovereign debt levels globally.
Gold futures for April delivery on the Multi Commodity Exchange (MCX) reached a record ₹1,73,750 per 10 grams, according to market data cited in the research documents, representing a year-to-date gain of approximately 26.2% from an opening price of ₹1,37,700 on January 1. On the international Comex exchange, gold was reported at $5,251.1 per ounce, against an opening price of approximately $3,500 at the start of the year — a gain of approximately 50%, according to the same sources. These figures are drawn from market reporting; independent primary exchange filings were not available for verification at the time of writing.
Silver recorded an even sharper move. MCX silver contracts reached ₹3,83,100 per kilogram, a year-to-date gain of approximately 60.3% from ₹2,39,000 on January 1, according to the research documents. In Delhi’s retail market, silver was reported at ₹3,70,000 per kilogram, representing a 72.1% increase since the start of the year, according to the same sources.
Three Drivers
Analysts and institutional research notes point to three primary factors. First, a weakening of the US dollar, which has fallen to a near four-year low following remarks by the US President on currency valuation that, according to the research documents, triggered what analysts described as a “crisis of confidence” in dollar-denominated assets. Second, sustained central bank gold buying: according to a BlackRock research note cited in the documents, 95% of central banks expect global gold reserves to rise further in 2026, continuing a trend of reserve diversification away from non-dollar assets that has been underway since 2022. Third, structural industrial demand for silver: approximately 60% of annual silver consumption is now tied to electronics, solar panels, and AI infrastructure, according to the BlackRock note, creating a supply-demand imbalance that has materially contributed to silver’s outperformance relative to gold.
J.P. Morgan’s Global Research team, according to a note cited in the research documents, forecasts gold to average $5,055 per ounce by the end of 2026. BlackRock analysts are reported to be targeting the $5,000 per ounce mark for gold by late 2026. These are institutional forecasts, not verified outcomes, and carry inherent uncertainty.
Regional Price Variance in India
Among major Indian cities, Chennai recorded the highest 24-karat gold price at ₹14,498 per gram, while Mumbai and Delhi were reported at approximately ₹14,318 and ₹14,333 per gram respectively, according to the research documents. Regional variance reflects local taxation and demand differentials.
