Gold, Silver rates on March 31: Check latest prices for 24K, 22K, 18K in Delhi, Mumbai, Chennai, Kolkata

Gold, silver prices: Domestic bullion prices remained firm on March 31, with gold and silver extending gains across major Indian cities. The upward trend is clearly visible at the retail level, where city-wise price differences continue to reflect local demand, taxes, and supply dynamics.

Gold prices remain elevated

Gold rates stayed near record levels in key metros, with 24K prices largely ranging between ₹1.48 lakh and ₹1.50 lakh per 10 grams. Chennai continued to quote the highest price at ₹1,50,230 per 10 grams, underscoring stronger regional demand and pricing premiums.

Delhi saw 24K gold at ₹1,48,420 per 10 grams, while Mumbai and Kolkata were nearly identical at ₹1,48,270 per 10 grams. These variations, though marginal, are consistent with differences in local levies and jeweller pricing strategies.

On a per gram basis, 24K gold hovered around ₹14,900, while 22K gold remained in the ₹13,500–₹13,600 range across most cities. Retail buyers are also tracking 18K gold, which has moved in line with the broader uptrend.

Silver prices steady

Silver prices held broadly stable across India, with most cities quoting rates close to ₹2,44,900 per kilogram. However, select markets such as Noida saw higher quotes near ₹2,50,000 per kg, pointing to localised demand spikes or supply constraints.

At the retail level, silver was trading around ₹250 per gram, maintaining strength despite sharp swings earlier in the year. 

MUST READ: Gold, Silver rates on March 30: Check latest prices for 24K, 22K, 18K in Delhi, Mumbai, Chennai, Kolkata

 

Why prices differ across cities

City-wise variations in gold and silver prices are driven by multiple domestic factors:

State-level taxes and duties Transportation and logistics costs Regional demand trends Inventory and pricing decisions by jewellers

Chennai typically commands a premium, while Mumbai and Kolkata often remain aligned due to higher liquidity and trading volumes.

Global cues support domestic rally

The strength in domestic bullion prices is also tracking firm global trends. Precious metals recorded gains of over 1% in international markets on Tuesday, extending a recovery after a sharp decline of nearly 15% during March.

In early trade, spot gold rose 0.8% to $4,544 per ounce, while U.S. gold futures for April delivery edged up 0.3% to $4,573. Spot silver gained 1.2% to $70.81 per ounce. Platinum and palladium also moved higher, reflecting broader strength across the metals complex.

The rebound has been supported by a weaker US dollar and a decline in bond yields. The dollar index edged lower, while the benchmark US 10-year Treasury yield fell about 10 basis points to 4.344%. Two-year yields also declined to 3.828%, indicating easing pressure from interest rate expectations. 

MUST READ: Gold, silver rate 29 March: Gold rebounds slightly; silver continues strong trend

Despite this recovery, metals are still on track for their steepest monthly decline in over 17 years, as elevated energy prices have reduced expectations of an early rate cut in the US.

Outlook: Volatility likely to persist

In the near term, gold and silver are expected to remain volatile but largely range-bound. Safe-haven demand and geopolitical risks continue to provide support, while macro factors such as interest rates and currency movements may limit sharp upside.

Prithviraj Kothari, President of India Bullion and Jewellers Association Ltd, said: “Gold and silver are expected to remain volatile in the near term, largely moving within a defined range amid competing global cues. Safe-haven demand driven by geopolitical tensions and inflation concerns is offering support, but a strong dollar and elevated bond yields are capping sharp upside. Gold may see a mild consolidation phase unless weaker US data revives expectations of rate cuts. Silver, given its industrial linkage, could lag gold but remain highly sensitive to shifts in risk sentiment. Overall, any price dips are likely to attract buying interest, indicating underlying strength despite ongoing uncertainty and periodic profit booking."