At 17:39 IST on March 23, bullion prices edged lower again after a brief recovery, tracking continued weakness in global markets. On the MCX, gold declined Rs 6,348, or 4.39%, to Rs 1,38,144 per 10 grams from the previous close of Rs 1,44,492. Silver fell Rs 8,123, or 3.58%, to Rs 2,18,649 per kg compared to Rs 2,26,772 earlier. In international markets, Comex gold was down 2.47% at $4,492.00 per ounce, while Comex silver dropped 4.78% to $67.810, reflecting persistent selling pressure in precious metals.

At 16:40 IST on March 23, bullion prices trimmed some losses but remained under pressure. On the MCX, gold fell Rs 5,276, or 3.65%, to Rs 1,39,216 per 10 grams from the previous close of Rs 1,44,492. Silver declined Rs 8,046, or 3.55%, to Rs 2,18,726 per kg compared to Rs 2,26,772 earlier, indicating partial recovery after the sharp earlier sell-off.

Augmont noted that despite the recent sharp fall, gold and silver remain in a broader structural bull market. The correction was intensified by technical breakdowns and unwinding of crowded trades, but both metals have shown signs of rebound near key support levels. While near-term upside may remain capped due to a strong dollar and elevated yields, factors like central bank buying, geopolitical risks, and global fiscal concerns are expected to support prices over the long term.

Gold and silver saw a steep correction last week, with gold down ~11% and silver ~15%, marking the sharpest weekly fall in years, according to Augmont Bullion report published on March 23. According to the report, the sell-off was largely driven by liquidity pressures, with institutional investors and Gulf entities liquidating positions to raise cash. A stronger US dollar, triggered by these flows, added further pressure. At the same time, hawkish central bank expectations and rising real yields reduced the appeal of non-yielding assets like gold, accelerating the decline.