Gold and silver prices gained in global and domestic markets on Monday as the US-backed Israel war with Iran revived haven demand. In the global market, gold topped $5,375 an ounce, while silver almost hit $95 an ounce before paring gains.
Gold prices opened on a firm note in the Mumbai spot market in India. They gained ₹8,374 at ₹1,67,471 per 10 gram against ₹1,59,097 during the weekend.
On MCX, gold for April delivery increased by ₹6,994 or four per cent to ₹1,69,098 per 10 gram against the previous close of ₹1,62,104 on Friday. The June contract surged to ₹1,72,753 against ₹1,65,659 on Friday.
Silver prices soared by ₹23,148 to ₹2,89,848 per 1 kg against ₹266,700 on Friday. In the global market, gold was quoted at $5,365.99 an ounce after nearing $5,400 an ounce. Silver ruled at $92.04 an ounce.
Globally, COMEX gold advanced by 3 per cent to the session’s peak of $5,410 a troy ounce, while silver jumped 4 per cent to an intra-day high of $97.30 per ounce amid escalating hostilities in West Asia.
Strong uptrend
The demand for haven investments such as hold and silver swelled as the war impact spread across West Asia including Dubai, Saudi Arabia, Kuwait, Lebanon, Bahrain, Oman and Qatar.
Prithviraj Kothari, President, India Bullion and Jewellers Association, said gold and silver remain in a structurally strong uptrend, supported by geopolitical uncertainty, elevated global debt and expectations of accommodative monetary policy.
With tensions in West Asia intensifying and energy prices rising, safe-haven demand for gold continues to build. As long as gold sustains above the $5,200 zone, the momentum favours a move towards $5,450–$5,600 in the near term, he said.
Escalating war-like developments across the Middle East have intensified safe-haven demand, keeping bullion firmly bid despite already elevated levels, said Jateen N Trivedi, VP, Currency and Commodity Research at LKP Securities.
Meanwhile, silver is benefiting from a persistent multi-year supply deficit, strong demand from solar, EVs, and AI infrastructure, and renewed investment flows are tightening the market. After breaking above $95, silver has opened the path towards $100–105 levels, he said.
Kaynat Chainwala, AVP Commodity Research, Kotak Securities, said heightened geopolitical tensions in West Asia pushed precious metals sharply higher, with both Comex gold and silver hitting a fresh one-month highs.
Looking ahead, bullion is likely to remain supported as Trump indicated that military operations could extend for “four to five weeks, he said.
Ponmudi R, CEO of Enrich Money said the broader bullish structure remains intact in Comex Silver with prices reclaiming major moving averages, signalling a transition from correction to renewed strength toward $110–$115 an ounce.
MCX silver futures may continue to extend their rally as it finds support at ₹250,000–270,000 and a sustained hold above this level could trigger recovery toward ₹320,000–330,000 per 10 gm.
Published on March 2, 2026