The MCX commodity board on Tuesday, March 24, 2026 is telling the same story it told on Monday, with one critical update: crude oil is rising even more sharply than yesterday, and precious metals are falling even as the diplomatic picture around the Iran conflict grows more complex by the hour.
Here is the full MCX snapshot as of Tuesday morning.
Silver — ₹2,16,241 per kg, down ₹8,926 or 3.96%
Silver has fallen below $67 per ounce globally and is reflecting that move sharply on MCX. The metal is now down as much as 37 percent from its March peak, one of the most dramatic collapses in recent memory for an asset that was supposed to benefit from geopolitical uncertainty. The mechanism destroying silver remains the same: rising energy prices from the Iran conflict are stoking inflation fears, which are reinforcing expectations of further interest rate hikes globally, which makes zero-yield metals like silver unattractive relative to interest-bearing assets. Iran’s denial of any talks with Washington overnight, and its characterisation of Trump’s announcement as an attempt to influence financial markets, has added a fresh layer of uncertainty that is keeping silver under pressure.
Gold — ₹1,37,042 per 10 grams, down ₹2,218 or 1.59%
Gold’s decline is smaller than silver’s in percentage terms but the absolute numbers remain alarming for anyone who bought near the peak. Gold has plunged by more than $1,000 per troy ounce from its March highs to last trade around $4,340 globally. The record peak for gold was just shy of $5,600 in late January. That is a fall of over $1,200 in under two months. Historical trends suggest part of this decline is margin call related selling, where investors who borrowed to hold gold positions are being forced to sell as prices fall to meet margin requirements, creating a self-reinforcing downward spiral regardless of the underlying geopolitical picture.
Copper — ₹1,107.95 per kg, down ₹13.25 or 1.18%
Copper’s continued decline reflects the deteriorating global growth outlook that accompanies both elevated crude prices and the prospect of central bank rate hikes. As the world’s primary industrial metal, copper prices are a direct read on manufacturing and construction activity expectations. A world paying $3.59 percent more for crude every day while central banks signal tighter policy is a world where copper demand forecasts get revised downward.
Zinc — ₹308.80 per kg, down ₹1.55 or 0.50%
Zinc’s mild 0.50 percent decline continues the pattern of base metals falling modestly while precious metals fall sharply. The metal’s exposure to the immediate Iran conflict drivers is more muted than copper or silver, producing a contained but consistent negative move.
Aluminium — ₹329.65 per kg, down ₹1.25 or 0.38%
Aluminium records the smallest decline on the board for the second consecutive session. The metal’s energy-intensive production process means rising energy costs provide some production cost support even as demand concerns weigh on the price, partially offsetting the broader base metal selling pressure.
Crude Oil — ₹8,645 per barrel, up ₹300 or 3.59%
Crude is sharply green again and the reason is the same as yesterday: the Iran conflict is not resolving and the Strait of Hormuz remains effectively closed. Iran launched new attacks on US targets overnight even as Trump claimed negotiations were underway, and Tehran dismissed Trump’s announcement as an attempt to influence financial markets rather than a genuine diplomatic development. The outcome of any talks and the potential reopening of the Hormuz strait remain highly uncertain, keeping the supply disruption premium firmly embedded in crude prices. At ₹8,645 per barrel on MCX, crude is now significantly higher than Monday’s already elevated levels.
Natural Gas — ₹275.10, up ₹2.40 or 0.88%
Natural gas holds positive ground in sympathy with crude as energy supply concerns from the Middle East conflict continue to provide support to the broader energy complex.
The MCX board on March 24 is delivering the same message as March 23 with greater conviction: the energy complex is rising because the conflict is not resolved, and everything else is falling because rising energy means rising inflation means rising rates means falling asset prices. Until the Strait of Hormuz reopens and crude retreats meaningfully, this pattern has no reason to change.
Disclaimer: This article is for informational and educational purposes only and does not constitute financial or investment advice. All MCX data referenced is as of March 24, 2026 morning session.