.png)
2 hours ago
28
No stock data available
Gold Price Today: Gold prices rose more than 1 per cent on Monday (March 2), hitting a one-month high as safe-haven demand increased amid escalating tensions between the US and Iran.
As of 6:30 am, spot gold was up 1.3 per cent, or USD 61, at USD 5,328.67. Prices had earlier climbed as high as USD 5,393.34 during the session. Bullion touched its highest level since January 30.
The latest rally has brought bullion close to its all-time high. Prices are now just USD 202 shy of the record level of USD 5,595.46 hit earlier this year, based on Monday’s intraday high of USD 5,393.34.
Silver prices were also higher, rising 0.5 per cent, or USD 0.4, to USD 94.18.
MCX expected to mirror global trend
Prices on the Multi-Commodity Exchange (MCX) were not trading at the time of writing this report. However, they are expected to mirror a similar trend to the international market after rates settled nearly flat in the previous session.
“Gold and silver prices are set to remain highly volatile, with a gap-up opening on Monday, as the Middle East conflict involving renewed US and Israeli military action against Iran continues to dominate global risk sentiment,” Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities, told PTI.
US and Israel launch coordinated strikes
On February 28, the US and Israel reportedly launched coordinated strikes, Operations Roaring Lion and Epic Fury, targeting Iranian military sites, nuclear facilities, and leadership in Tehran, Isfahan, and other cities.
Gold is widely considered a safe-haven asset because investors turn to it during periods of economic or geopolitical uncertainty to preserve value.
Strong US Dollar caps gains
On the currency front, the US dollar strengthened against a basket of currencies, limiting further upside in gold. A stronger dollar typically pressures gold prices lower because it makes the metal more expensive for non-US buyers, reducing demand.
Key US Data in Focus
Investors are now awaiting the US unemployment report, along with initial jobless claims data due later this week. These releases could provide further direction for gold and silver prices.
“However, the impact may not be uniform. If there are diplomatic developments over the weekend or indications of de-escalation, precious metals could see profit-taking after an initial spike of 3–6 per cent,” Pranav Mer, Vice President, EBG – Commodity & Currency Research, JM Financial Services, told PTI.
Gold Rates in Delhi, Mumbai, Chennai and others (City-wise gold prices)
| City Name | Price/10g (24 Carat) |
| Delhi | Rs 173240 |
| Mumbai | Rs 173090 |
| Kolkata | Rs 173090 |
| Chennai | Rs 172100 |
| Patna | Rs 173140 |
| Lucknow | Rs 173240 |
| Gurugram | Rs 173240 |
| Chandigarh | Rs 173240 |
| Ghaziabad | Rs 173240 |
| Noida | Rs 173240 |
Gold prices remain largely uniform across major cities at around Rs 1,73,000 per 10 grams. Delhi, Lucknow, Gurugram, Chandigarh, Ghaziabad and Noida quote the highest at Rs 1,73,240, while Chennai records the lowest at Rs 1,72,100.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)
English (US) ·