Gold prices in India entered March on a strong footing, with retail bullion rates remaining elevated across major cities even as global market signals continued to shift. Traders and jewellers say the opening weeks of the month have been marked by quick swings in sentiment, with international developments and domestic trading activity influencing how prices move from day to day.

On March 1, the price of 24-carat gold in Delhi was quoted at around ₹15,656 per gram, while 22-carat gold was priced near ₹14,910 per gram in the retail market. That translates to roughly ₹1.56 lakh per 10 grams for pure gold, placing the metal among the highest-valued commodities in the country at the start of the month. (Policybazaar)

Jewellery traders in several Indian cities said the strong price level reflects a period of persistent volatility in global bullion markets. Gold has been reacting to movements in the U.S. dollar, shifts in crude oil prices and changing expectations around global interest rates.

Gold Market Remains Sensitive To Global Signals

The broader precious-metals market has been particularly sensitive to macroeconomic signals during early March. Analysts note that international spot prices and domestic futures have moved sharply in response to geopolitical tensions and changing monetary policy expectations.

Domestic futures on the Multi Commodity Exchange have fluctuated near the ₹1.56 lakh to ₹1.60 lakh range per 10 grams in recent trading sessions, showing how quickly investor sentiment can change. (The Economic Times)

While gold traditionally benefits from global uncertainty, recent sessions have shown that rising oil prices and expectations about interest-rate decisions can also push prices lower in the short term. Investors often reassess their positions when borrowing costs or inflation forecasts shift.

Gold

City-wise retail prices tend to vary slightly due to transportation costs, local taxes and jewellers’ margins, but the overall trend across Delhi, Mumbai, Chennai and Kolkata has largely followed the direction of the national market.

Jewellers say demand in the physical market has remained cautious despite the high price environment. Many buyers continue to wait for temporary corrections before making large purchases, particularly for wedding jewellery or investment-grade coins.

At the same time, bullion traders say gold still retains its long-standing reputation in India as a store of value. Even when prices climb, household demand rarely disappears completely. Instead, purchasing patterns tend to shift toward lighter jewellery or staggered buying over time.

As March progresses, market participants are likely to keep watching international cues closely. Movements in the dollar, central-bank decisions and geopolitical developments will remain central to where gold prices head next in India.

For now, the metal continues to trade near historically high levels, reflecting both global uncertainty and the enduring demand for gold in the world’s second-largest consumer market.