Gold and silver prices declined in India on March 7, 2026, despite heightened geopolitical tensions in the Middle East. In the national capital Delhi, the price of 24-carat gold was recorded at ₹1,61,270 per 10 grams during morning trade.
In Mumbai, gold prices remained nearly at the same level at ₹1,61,120 per 10 grams. The decline followed a reduction of ₹1,100 in gold prices in the Delhi bullion market on March 6. Traders adopted profit-booking strategies for the second consecutive day, keeping domestic prices under pressure.
International Market Developments
At the global level, geopolitical tensions in the Middle East have increased demand for safe-haven assets. In international markets, spot gold rose by $14.70, or 0.29 percent, to $5,095.81 per ounce. The impact on the Indian market remained limited as domestic traders continued to determine prices based on profit-taking activity and prevailing demand conditions.
Gold Prices Across Major Indian Cities
In Delhi, the price of 24-carat gold stands at ₹1,61,270 per 10 grams, while 22-carat gold is priced at ₹1,47,840 per 10 grams.
In Mumbai, Chennai, and Kolkata, the price of 24-carat gold is ₹1,61,120 per 10 grams, while 22-carat gold is priced at ₹1,47,690 per 10 grams.
In Pune and Bengaluru, 24-carat gold is also priced at ₹1,61,120 per 10 grams and 22-carat gold at ₹1,47,690 per 10 grams.
In Ahmedabad, 24-carat gold is priced at ₹1,61,170 per 10 grams, while 22-carat gold stands at ₹1,47,740 per 10 grams.
In Hyderabad, 24-carat gold is recorded at ₹1,61,120 per 10 grams and 22-carat gold at ₹1,47,690 per 10 grams.
In Jaipur, Bhopal, Lucknow, and Chandigarh, 24-carat gold is trading at approximately ₹1,61,270 per 10 grams and 22-carat gold at ₹1,47,840 per 10 grams.
Impact of the Middle East Crisis
On February 28, 2026, the United States and Israel announced open military action against Iran and conducted air strikes. Within hours, Iran responded with missile and drone attacks targeting Israel. Iran also targeted several other countries in the Middle East.
U.S. President Donald Trump said that any agreement with Iran would be possible only if the country surrenders unconditionally and selects new leadership.
The conflict has created uncertainty in global markets and increased demand for safe-haven assets such as gold. Geopolitical tensions typically lead to higher gold prices, but in the domestic market traders have kept prices under pressure due to profit-booking activity and prevailing demand conditions.
Silver Prices Also Decline
Alongside gold, the second major precious metal, silver, also recorded a decline. On the morning of March 7, silver in the Delhi bullion market was priced at ₹2,84,900 per kilogram.
A day earlier, silver prices had declined by approximately ₹600 to ₹2,71,700 per kilogram.
In international markets, spot silver rose 1.4 percent to $83.40 per ounce.
The difference between domestic silver prices and international spot rates depends on demand and supply dynamics among traders. Despite geopolitical tensions, investors in the domestic market continued profit-booking, keeping prices under pressure.
