Gold, silver rates today: Gold and silver rates today fell more than 3% to extend losses on Tuesday, March 24, after signs of de-escalation in the Middle East conflict.
The COMEX was down 1.51% to $4,370 per ounce, while the COMEX silver prices today were trading 3.30% lower at $67 per ounce, during the Asian trading hours on Tuesday.
What’s driving gold and silver prices today?
With the war entering its fourth week, Donald Trump announced a five-day delay to previously threatened strikes on Iran’s power infrastructure and noted that “productive discussions” had taken place.
“I AM PLEASE TO REPORT THAT THE UNITED STATES OF AMERICA, AND THE COUNTRY OF IRAN, HAVE HAD, OVER THE LAST TWO DAYS, VERY GOOD AND PRODUCTIVE CONVERSATIONS REGARDING A COMPLETE AND TOTAL RESOLUTION OF OUR HOSTILITIES IN THE MIDDLE EAST,” Trump said Monday in a Truth Social post.
US equities advanced, while Treasury yields and the dollar weakened, although Tehran later denied that any talks had occurred. Meanwhile, oil prices stabilised on Monday after plunging 10% in the prior session.
Despite this temporary pause, uncertainty persists around the outcome of any negotiations and the safe passage of ships through the Strait of Hormuz.
Additionally, repairing existing damage to energy infrastructure will take time. As a result, inflation risks remain elevated, reinforcing expectations of potential rate hikes by the US Federal Reserve and other central banks — a negative factor for non-yielding assets like gold, according to a Bloomberg report.
A similar pattern was seen following the Russian invasion of Ukraine, when gold initially surged as a safe-haven asset before entering a prolonged decline, as rising energy prices filtered through markets and intensified inflationary pressures.
Gold and silver prices outlook
Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities, believes that despite traditional safe-haven appeal, the current macro setup—strong dollar and higher yields is exerting downward pressure on prices.
“From a technical and macro perspective, downside levels of $4000 and $3600 remain open in the short term. However, if there is any meaningful de-escalation in geopolitical tensions and clarity on rate cuts, gold could witness a sharp recovery, with $5000 not ruled out on the upside,” Trivedi said.
Meanwhile, on the technical outlook of the gold prices, Ponmudi R, CEO of Enrich Money, said that COMEX Gold has opened cautiously firm but continues to trade below key short-term moving averages, hovering within the 4,367–4,320 support zone after a sharp recent correction. While the broader trend remains bearish, ongoing geopolitical tensions are providing intermittent safe-haven support, preventing deeper downside in the immediate term.
“On the upside, the $4,400–$4,500 range remains a critical resistance band. A sustained move above $4,650 could extend the rally toward $4,850–$4,900, where stronger supply is expected. On the downside, a break below $4,250 could accelerate weakness toward $4,100–$4,150. The structure remains cautious as long as prices trade below key resistance zones,” Ponmudi said.
On the silver prices outlook, Ponmudi added that the opened with a gap-down but continues to hold above the $64 support level after a recent correction phase. The broader trend remains weak, although safe-haven demand and industrial metal resilience are offering temporary support.
“On the upside, $68–$70 remains a strong resistance zone. A breakout above $70 could push prices toward $72–$74. On the downside, a break below $65 could drag prices toward $64–$62, with stronger support seen at $57–$59,” he said.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.