Gold and Silver Prices on March 2: Gold Price Up Over Rs 5,500, Silver Up Over Rs 11,700; Know the Reason
Gold and silver prices explode as Middle East tensions escalate. MCX gold jumps over Rs 5,853 following weekend strikes. Get the latest rates and market analysis.
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On Monday, March 2, 2026, the Indian markets reacted immediately to the escalation. The MCX gold rate opened today at Rs 1,65,501 per 10 grams and touched an Intraday high of Rs 1,67,915, marking a gain of over Rs 5,853 within minutes of the opening bell. Likewise, the MCX silver rate today opened upside at Rs 2,78,644 per kg and touched an intraday high of Rs 2,85,978 logging an intraday high of around 3.75 percent.
Currently, gold futures for April delivery are trading at Rs 1,67,014 per 10 grams, up 3.03 percent. Silver has seen an even sharper move, with futures surging 3.06 percent to reach Rs 2,91,286 per kilogram, reflecting intense safe-haven buying from domestic investors.
Gold and Silver Price React
International gold and silver prices moved sharply higher in early trade as the risk premium expanded across global markets. Spot gold rose 2.47 percent to reach $5,377.60 per ounce, while spot silver gained 1.56 percent to hit $94.74 per ounce.
Why Gold and Silver Prices Are Surging: US-Israel Strikes on Iran Spark Global Panic
- On Saturday, February 28, 2026, United States and Israeli forces launched a massive joint military operation codenamed Roaring Lion. This attack targeted several key Iranian provinces, including Tehran, Isfahan, and Qom, hitting strategic military hubs and infrastructure.
- Immediate Response to the Strike Following the reports concerning the death of Iran’s Supreme Leader, Tehran launched a wave of reciprocal attacks. These strikes targeted U.S. assets and strategic military locations across the Middle East, moving the conflict far beyond Iran’s borders.
- The counter-offensive hit military bases and infrastructure in several nations, including the UAE, Bahrain, Qatar, Kuwait, Saudi Arabia, Jordan, Iraq, and Oman. This widespread retaliation has caused immediate concern for regional stability.
Demand for Safe-Haven
In times of global conflict, gold and silver are often described as the seeds of safety for an investor's portfolio. In war-like situations, traditional markets face extreme volatility and uncertainty. This typically leads investors to pull their money out of risky assets like stocks and shift it into precious metals.
Disclaimer: The article is for informational purposes only and not investment advice.