Energy-led inflation worries drag gold, silver prices lower

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On MCX, gold for April delivery was down 3 per cent at ₹139,542 per 10 g.

On MCX, gold for April delivery was down 3 per cent at ₹139,542 per 10 g.

Gold prices crashed 5 per cent or ₹7,649 to ₹1,39,569 per 10 grams against ₹147,218 on Friday, largely taking cues from the global markets where it witnessed the sharpest monthly fall since 1975.

Similarly, silver plunged 6 per cent or ₹13,104 to ₹219,260 per kg against ₹232,364 as most financial investors dumped their holding through exchange traded funds.

With the ongoing war between the US and Iran showing no signs of abetting, financial investors preferred to encash their leveraged investments on the fear of US Fed inflation outlook forcing a hike key bank rates than the possibility of cutting it.

Ides of March?

On MCX, gold for April delivery was down 3 per cent at ₹139,542 per 10 g, while June contract was down 4 per cent at ₹142,263 as global sell-off rattled the markets.

The silver May and July contracts dipped three per cent each to ₹220,649 a kg and ₹224,999.

Gold prices have already plunged 20 per cent in March to $4,263 an ounce, making it the most severe one-month correction in over five decades.

Previous major declines were seen in 1978, 1980, 1983 and in 2008 financial crisis—but none matched the intensity of the current fall.

Hawkish Fed

Ajay Kedia, Director, Kedia Commodities, said a broad-based global sell-off across asset classes including equities, crypto, and real estate has led to forced liquidation in bullion.

Additionally, the US Fed’s hawkish stance, with reduced expectations of rate cuts and rising talks of potential rate hikes, has strengthened the dollar significantly, he said.

Moreover, heavy ETF outflows and profit booking after record highs have accelerated the decline.

Jigar Trivedi, Senior Research Analyst at Indusind Securities, said MCX gold has declined 28 per cent from its all-time high, while MCX silver has plunged 52 per cent from an all-time high as macro factors, particularly real yields, the dollar and interest rate expectations, remained the key constraints on further upside.

Inflation fears

The macro forces that outweigh geopolitics include high energy prices complicating the inflation outlook and ETF outflows, he added.

Manav Modi, Commodities Analyst, Motilal Oswal Financial Services, said the conflict between the US and Iran has now entered its fourth consecutive week, with continued hostilities raising fears of prolonged disruptions in global energy supply.

Markets now expect that sustained high oil prices could force central banks to adopt a more hawkish stance, limiting the appeal of non-yielding assets like gold, he added.

Overall, the transition from rate cuts to potential hikes amid persistent inflation fears has significantly pressured gold prices despite ongoing geopolitical uncertainty, he said.

Published on March 23, 2026

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Madrid protest against US blockade of Cuba | Protests

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Protesters gathered outside the US embassy in Madrid as sanctions pushed Cuba into an electricity blackout. They called for an end to US intervention in Latin America and the Middle East.



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Iran says Trump has ‘backed down’ after he postpones energy attacks | World News

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Donald Trump has said he has postponed attacks against Iranian power plants and energy infrastructure after “very good and productive conversations” with Tehran.

The US president said the pause would last for five days and depended on “the success of the ongoing meetings and discussions”.

He had previously given Iran a 48-hour ultimatum that warned the US would “obliterate” its power plants unless it stopped blocking the Strait of Hormuz – a deadline that was set to expire just before midnight UK time.

Iran war latest: Tehran says US has ‘backed down’

But Mr Trump struck a more positive tone in his Truth Social post on Monday.

He said the US and Iran had been talking over the last two days about a “complete and total resolution of our hostilities in the Middle East” and he had told officials to “postpone any and all military strikes” against its power network.

Iran had warned it would float mines in the Persian Gulf and attack regional power plants if the US followed through.

The Kharg Island oil terminal. File pic: Abedin Taherkenareh/EPA/Shutterstock
Image: The Kharg Island oil terminal. File pic: Abedin Taherkenareh/EPA/Shutterstock

State media framed the latest development as a victory – with a TV banner reading: “US president backs down following Iran’s firm warning.”

It’s not yet known who was involved in the talks or how they took place.

The Strait of Hormuz – the narrow waterway used to transport about a fifth of global oil and liquefied ⁠natural gas – effectively remains shut due to the threat of Iranian attacks.

Oil prices have spiked and the economic effects are already being felt. Petrol prices have increased and there’s a warning energy bills, inflation and interest rates could go up if the war drags on.

Is Britain prepared for the economic cost of the Iran war?

However, Mr Trump’s update raised hopes that tensions could be easing – oil prices dipped 10% and natural gas fell 6% in the wake of his post.

The president’s more upbeat tone comes after a major escalation last week when Iran caused significant damage to a liquefied natural gas site in Qatar in retaliation for an Israeli strike on its own South Pars gas field.

For now, peace in the region still appears some way off.

In a familiar pattern in the month-long conflict, Israel said this morning it had launched “wide-scale” strikes on Iran, while Tehran fired missiles at the UAE and Saudi Arabia.

Iran war day 23: Videos from the ground

Authorities say more than 2,500 people have died; some 1,500 in Iran and more than 1,000 in Lebanon as Israel attacks the country’s paramilitary Hezbollah group.

Lebanon‘s president has claimed Israel is preparing for a “ground invasion” after it struck bridges in the south.

Fifteen Israelis and 13 US military personnel have also so far died in the war.



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Supreme Court sides with officer in protest-force case, bolstering qualified immunity

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The Supreme Court on Monday ruled that a Vermont state police sergeant is entitled to qualified immunity in a lawsuit brought by a protester who said she was injured when an officer used a wristlock to remove her from a sit-in at the state capitol.

In a per curiam opinion unsigned, the court reversed the 2nd U.S. Circuit Court of Appeals in Zorn v. Linton, holding that existing precedent did not clearly establish that Sgt. Jacob Zorn’s specific conduct violated the Constitution. 

“The Second Circuit held that Zorn was not entitled to qualified immunity,” the ruling read. “We reverse.”

The justices said officers are generally shielded from civil liability unless prior case law put the unlawfulness of their actions “beyond debate.” 

The case arose from a 2015 sit-in by healthcare protesters at the Vermont capitol on Gov. Peter Shumlin’s inauguration day. After the building closed, police moved to arrest demonstrators who refused to leave. According to the opinion, protester Shela Linton remained seated and linked arms with others. Zorn warned her he would have to use force, then took her arm, placed it behind her back, applied pressure to her wrist and lifted her to her feet. Linton later sued, alleging physical and psychological injuries. 

The Supreme Court said the 2nd Circuit relied too heavily on its earlier decision in Amnesty America v. West Hartford, finding that case did not clearly establish that “using a routine wristlock to move a resistant protester after warning her, without more, violates the Constitution.” 

On that basis, the justices concluded Zorn was entitled to qualified immunity and reversed the lower court.

Justice Sonia Sotomayor dissented, joined by Justices Elena Kagan and Ketanji Brown Jackson. She argued the court had improperly stepped in with the “extraordinary remedy of a summary reversal” and said a jury could find the officer used excessive force against a nonviolent protester engaged in passive resistance.

READ THE ORDER – APP USERS, CLICK HERE:

This is a developing story. Check back for updates.



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Hundreds of ships of the world remained stranded in the Strait of Hormuz, but Indian tanker was passed, another good news amid LPG crisis.

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Hundreds of ships are stranded in the Gulf due to the Iran and America-Israel war. Amidst the global energy crisis caused by the war in Western Asia, a relief news has emerged for India. According to sources, two Indian LPG ships have passed through the Strait of Hormuz. This happened even as traffic on this vital waterway was still affected.

Two Indian LPG tankers pass through the Strait of Hormuz

Al Jazeera, quoting data and sources, reported that two Indian-flagged LPG tankers strait of hormuz While traffic on this important waterway is still blocked. Ship tracking data from the Marine Traffic Platform revealed that the Pine Gas tanker passed through the Strait of Hormuz on Monday (23 March), with Jug Vasant also following behind it. Let us tell you that due to the war that broke out between America, Israel and Iran, hundreds of ships and thousands of sailors are stranded in the Gulf.

LPG tankers Pine Gas and Jag Vasant were near Iran’s waters between Larak and Quesham islands on Monday afternoon. Both are walking close to each other. Both these ships were among the 22 Indian-flagged ships that got stuck in the Persian Gulf after the war in West Asia.

Shivalik-Nanda Devi have safely returned to India.

Earlier, MT Shivalik and MT Nanda Devi carrying approximately 92,712 tonnes of LPG have safely reached the Indian coast. At that time, 28 Indian flagged ships were present in the Strait of Hormuz. Of these, 24 were in the western part of the strait and four were in the eastern part. In the last few days, two ships each from both sides have been successful in reaching the strait safely.

lpg The bringing ship Shivalik reached Mundra port in Gujarat on 16 March. Another LPG tanker Nanda Devi reached Kandla port in Gujarat the next day. Both LPG carrier ships started their journey on 13 March and crossed the Strait of Hormuz on the morning of 14 March. Both the LPG ships started the journey on 13 March and crossed the Strait of Hormuz on the morning of 14 March.

‘Jag Prakash’ is also returning

Apart from this, Indian flag oil tanker Jag Ladki laden with 80,886 tonnes of crude oil from UAE reached Mundra port on March 18. Another tanker, Jag Prakash, has already safely transited the strait and is on its way to Tanzania. It was carrying gasoline from Oman to Africa.

Broker’s Call: 3M India (Add)

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Target: ₹36,726.00

CMP: ₹31,070.90

3M India has passed on commodity inflation and INR depreciation to end-consumers in medium-long term, we note its EBITDA margin in 9MFY26 (19.7 per cent) is at its highest level since FY13. We remain confident that it is likely to end FY26E with the highest EBITDA margin in the past decade. Considering the inflation in other commodities such as copper, aluminum and crude oil, and with USD-INR rates reaching nearly ₹94 in March 2026, we believe there is an imminent risk to EBITDA margins.

There is a negative correlation coefficient of 0.37 between INR depreciation and EBITDA margin (with a one-year lag). While INR depreciation has an impact on EBITDA margin, we believe the company is in a position to pass on some of the additional costs via price hikes, revenue mix changes, cost-saving initiatives and operating leverage. 9MFY26.

3M India imports the majority of its raw materials and incurs significant expenses, including royalties and corporate management fees. While it generates some export revenue, we believe steep INR depreciation may impact profitability. We note its net outflows as a percentage of net sales stood at about 43 per cent over FY19-25.

We also note other commodities such as crude oil, copper and aluminum are in an inflationary zone. Furthermore, global shipping crisis and higher crude oil prices could impact freight costs. We cut TP to ₹36,726 (vs ₹39,250 earlier); implied target P/E works out to 50x FY28E EPS. Maintain ADD.

Published on March 23, 2026