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Gold and silver prices edged higher on Tuesday, March 17, 2026, recovering slightly after the recent dip and bringing some relief to the market. By around 5 pm on MCX, gold was trading at Rs 1,56,219 per 10 gram, while silver rose to Rs 2,56,484 per kg, reflecting a modest but noticeable bounce. The bounce comes after a volatile start to the week, when bullion prices had slipped, leaving the market uncertain about the near-term direction.
Gold has managed to recover from earlier pressure, but there is still no strong bullish momentum. The overall tone in the market remains cautious rather than optimistic.
As per the latest Motilal Oswal Financial Services report, gold prices steadied after easing in the previous session, supported by a slight cooling in crude oil prices at the start of the week. This helped reduce immediate concerns around supply disruptions.
At the same time, traders are not chasing prices aggressively. There is hesitation, and that is visible in the way gold is moving - slow, range-bound, without sharp follow-through.
A key factor holding gold back is inflation. Rising energy prices continue to keep global inflation risks elevated. This has changed the way markets are looking at gold right now.
Instead of only reacting to geopolitical tensions, investors are also thinking about interest rates. If inflation stays high, central banks may keep rates elevated for longer.
That reduces the appeal of gold, which does not offer any yield. This is one of the main reasons why gold is not seeing a strong rally despite global uncertainty.
Silver, meanwhile, showed better momentum during the session. It moved up to Rs 2,56,484 per kg on MCX, reflecting stronger buying compared to gold.
The metal tends to react faster during short-term moves, and that seems to be the case again. After recent declines, some buying interest has returned, pushing prices higher.
Markets are now closely watching a busy week of global central bank decisions. According to the Motilal Oswal report, this could be the biggest trigger for bullion in the near term.
Policy announcements are expected from the US Federal Reserve, European Central Bank, Bank of England and Bank of Japan, along with Australia’s central bank.
These decisions will give clarity on interest rates and inflation outlook - two factors that directly impact gold and silver prices. Normally, geopolitical tensions support gold strongly. But this time, the reaction has been limited.
The Motilal Oswal report points out that while safe-haven demand is present, it is being offset by concerns over inflation and interest rates. In simple terms, one factor is supporting prices, while another is capping gains. This push-and-pull is keeping gold largely range-bound for now.
