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International gold prices fell sharply on Saturday to come down below $4500 per ounce, marking its biggest weekly fall since 1983.
International gold prices fell sharply, witnessing its highest weekly fall
International gold price fell sharply on Saturday to come down below $4500 per ounce, marking its biggest weekly fall since 1983. COMEX gold futures were trading at Rs 4,492 per ounce with a sharp fall of 2.47 per cent.
Despite the ongoing Iran-US war triggering the Middle east crisis, a strong US dollar, rising inflation and surging oil prices are dampening the demand for commodities, which are considered a safe-haven during the geopolitical and economic turmoil.
COMEX silver futures plunged almost 5 per cent in a single day to come down below $70 per ounce.
Gold and silver are under pressure, struggling to hold the range and seeing a constant pull-back after a runway as investors are panicking and worried. The current silver futures marked a sharp pullback from its all-time at $119 per ounce a few months back.
Indian commodity exchange market, known as Multi-commodity exchange (MCX) is closed today, thereby there is no trade or price movement.
However, according to spot prices of gold and silver across India, the 22k and 24k gold were priced in at Rs 1,36, 540 per 10 grams and Rs 1,48,900 per 10 grams. Meanwhile, silver hovered near Rs 2,54,000 per kg.
What Happened In 1983?
Gold had shot up over $850 per ounce due to a massive rally during 1979-1980, a period that coincided with the Iranian revolution, which disrupted oil supply, and cold war tensions. The balloon busted in 1983 when it fell roughly 15-20 per cent to come down in the range of $375-$400 per ounce.
The key trigger was the US Federal Reserve led by Paul Vocker’s decision to raise interest rates sharply to control inflation. The move was seen as a measure to make other assets such as bonds more attractive and strengthen US dollar, which led to pushing down gold prices.
March 21, 2026, 10:35 IST
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