Silver Rs 2 lakh cheaper, gold Rs 51,000 down: Buy before Akshaya Tritiya or wait? Motilal Oswal explains

Gold and silver prices have corrected sharply from their record highs, even as geopolitical tensions linked to Iran and a surge in crude oil prices continue to unsettle global markets. Silver is now about Rs 2,00,891 cheaper than its all-time high of Rs 4,39,337, while gold is down nearly Rs 51,434 from its peak of Rs 2,02,984. The unusual trend - where safe-haven assets are falling despite rising global uncertainty has left investors divided ahead of Akshaya Tritiya on April 19. As of around 1:15 pm, MCX gold was trading at Rs 1,51,801, while silver stood at Rs 2,38,720, both extending losses amid weak global cues and macroeconomic pressure.

Gold, Silver Prices Today: Why bullion is falling despite global tensions?

Bullion markets opened the week on a weak note, with both metals seeing sharp intraday declines. Gold slipped close to Rs 1,000, while silver dropped nearly Rs 5,000 before recovering slightly.

Add Zee Business as a Preferred Source

• Gold (MCX): Rs 1,51,801
• Silver (MCX): Rs 2,38,720

The fall reflects global trends where precious metals have been under pressure despite heightened geopolitical risks.

Gold and silver crash from record highs: How much have prices fallen?

The correction from peak levels has been significant:

• Silver has declined about Rs 2,00,891 from Rs 4,39,337
• Gold has fallen roughly Rs 51,434 from Rs 2,02,984

This sharp drop has made prices appear attractive compared to earlier highs, but volatility remains elevated.

Motilal Oswal Explains Gold Fall: Iran tensions, US blockade, inflation impact

According to Motilal Oswal, gold prices slipped after posting a weekly gain as US–Iran talks failed over the weekend, leading to fresh escalation around the Strait of Hormuz.

Although sentiment improved briefly after US President Donald Trump announced a temporary truce, uncertainty over its sustainability has kept investors cautious. Continued Israeli strikes on Hezbollah targets in Lebanon and mixed signals on negotiations have added to market nervousness.

After talks between US and Iran leaders failed, the US signalled a blockade response, raising concerns over disruption in the Strait of Hormuz - a key route for global oil supply.

At the same time, focus has shifted to US inflation data. March CPI showed a sharp rise driven by higher energy prices, highlighting the inflationary impact of the conflict. While core inflation remained relatively stable, elevated inflation expectations have complicated the outlook for the Federal Reserve.

Crude Oil Surge Above $100: How rising energy prices hit gold, silver?

The rally in crude oil has become the biggest factor influencing bullion:

• Brent crude is near $103
• WTI crude has crossed $105

Higher oil prices are fuelling inflation concerns globally. This reduces the likelihood of interest rate cuts and strengthens the case for a prolonged high-rate environment - typically negative for gold and silver.

Gold under pressure as higher interest rates reduce appeal

Gold is currently facing a tug-of-war between supportive and negative factors:

• Geopolitical tensions are supporting prices
• High inflation and interest rate expectations are capping gains

Globally, gold has declined over $40 recently and is down more than 6 per cent in the past month. The expectation that interest rates may remain higher for longer is limiting upside in bullion.

Silver Falls Faster Than Gold: Why the metal is underperforming?

Silver has seen a sharper correction due to its industrial demand component.

• Prices have dropped nearly Rs 5,000 in a single session
• Global silver prices are down over 8 per cent in a month
• The metal has corrected more than 20 per cent during the recent conflict phase

Concerns over global growth, triggered by rising energy costs, are weighing more heavily on silver.

Akshaya Tritiya 2026: Is this the right time to buy gold or silver?

With Akshaya Tritiya approaching on April 19, lower prices may attract buyers. However, market conditions remain uncertain due to multiple global factors.

While festive demand could support prices, further downside cannot be ruled out if oil prices continue to rise or inflation remains elevated.

Buy Gold Or Wait: Motilal Oswal explains

Motilal Oswal advises investors to avoid aggressive buying in the current environment and instead follow a measured approach. The brokerage recommends not investing a lump sum at once, but gradually accumulating on dips while staying cautious amid high volatility. It notes that gold is currently caught between geopolitical support and macroeconomic headwinds, making its price movement highly sensitive to inflation trends, interest rate expectations, and ongoing developments in the Middle East.

What investors should watch before buying gold, silver

The near-term direction in bullion will depend on a mix of key global and domestic triggers. Investors should closely monitor India’s inflation data (CPI) and US existing home sales figures, as both will influence interest rate expectations and overall market sentiment. At the same time, movements in crude oil prices remain critical, given their direct impact on inflation. Developments around Iran-related tensions will also play a major role, as any escalation or easing could shift safe-haven demand. Together, these factors will shape global liquidity conditions and drive investor sentiment in the bullion market.