Gold prices remained elevated on Thursday, holding above $5,100 on COMEX as safe-haven demand continued to underpin precious metals amid escalating geopolitical tensions and uncertainty over US trade policy.
Renisha Chainani, Head of Research at Augmont, noted that gold has recovered roughly 5 per cent from recent lows to trade above $5,200, while silver has risen nearly 10 per cent to move above $85. “Safe-haven demand returned amid rising geopolitical and trade tensions,” she said, pointing to the US decision to introduce a temporary 15 per cent global tariff after the Supreme Court struck down most of President Trump’s earlier tariffs.
Geopolitical developments remain the dominant driver. The US–Iran conflict has widened, with strikes on Iranian targets and retaliatory missile attacks affecting regional energy infrastructure. Brent crude was trading at $83.67, reflecting supply concerns. Chainani noted that higher oil prices have “revived inflation concerns, pushing expectations for the first Federal Reserve rate cut to September.”
On the domestic front, MCX Gold futures were trading in the ₹1,60,000–₹1,70,000 range. Aamir Makda, Commodity and Currency Analyst at Choice Broking, said gold was up 1.5 per cent and silver had surged 2.81 per cent in yesterday’s session. “This rise in both metals can be considered a classic flight-to-safety response,” he said. Indian equity markets dropped more than 3 per cent through the week, adding further safe-haven premium to bullion.
Indian spot gold had already touched ₹1.70 lakh, with the Strait of Hormuz threat keeping underlying demand firm. Since Indian markets were closed on Wednesday for a holiday, the sharp international move — silver fell from $96–97 to below $78 before recovering — reflected in Thursday’s domestic trading.
Hareesh V, Head of Commodity Research at Geojit Investments, maintained a bullish outlook on gold while flagging caution on silver. “Silver may experience choppy trading, as speculative transactions dominate,” he said, adding that a sharp dollar recovery had contributed to silver’s mid-week decline.
Jateen Trivedi, VP Research Analyst at LKP Securities, described conditions as highly volatile. “CME prices saw a sharp sell-off from $5,400 to $5,000, before finding support and recovering towards $5,200,” he said, warning that volatility is expected to remain elevated given the ongoing Western Asia conflict and failed US–Iran nuclear talks.
The DXY dollar index stood at 98.97, and the USD/INR pair was trading at 91.56. Analysts broadly see $5,000 as a strong floor for gold, with upside targets of $5,250–$5,300 in the near term.
Published on March 5, 2026