Gold hits record $5,417 amid soaring Middle East tensions. (Photo: Canva)
Gold prices surged to record highs in global markets on March 3, as escalating tensions in the Middle East triggered a fresh wave of safe-haven buying. Spot gold touched an unprecedented $5,417 per ounce, driven by geopolitical uncertainty, rising oil prices, and strong central bank purchases.
Investors are increasingly turning to bullion as fears grow over a prolonged conflict between the United States and Iran, along with mounting risks surrounding the Strait of Hormuz a critical global energy corridor.
The rally in gold is largely fueled by:
With geopolitical tensions intensifying, investors are moving funds away from riskier assets like equities and into traditional safe havens such as gold.
US President Donald Trump warned that Washington would continue attacking Iran until it no longer posed a threat, signaling that the conflict could last “far longer” than expected. In response, Iran declared the Strait of Hormuz closed and threatened to target vessels attempting to pass through it. The sharp escalation has heightened global uncertainty.
US WTI crude futures jumped 4.5%, while Brent crude gained 4%, amid fears of supply disruption. Rising oil prices have intensified concerns about inflationary pressures in the US economy. As inflation risks increase, gold becomes more attractive as a hedge.
The surge in oil prices and geopolitical risks triggered a sell-off in US Treasuries, reducing expectations of near-term interest rate cuts by the Federal Reserve. Markets now anticipate the next rate cut around September, later than previously expected, according to Trading Economics.
Despite record global highs, domestic gold prices saw minor fluctuations.
According to GoodReturns:
24-carat gold: ₹17,050 per gram; ₹1,70,500 per 10 grams
22-carat gold: ₹15,629 per gram; ₹1,56,290 per 10 grams
18-carat gold: ₹12,787 per gram; ₹1,27,870 per 10 grams
24K: ₹17,083
22K: ₹15,659
18K: ₹13,399
24K: ₹17,050
22K: ₹15,629
18K: ₹12,787
24K: ₹17,065
22K: ₹15,644
18K: ₹12,802
24K: ₹17,050
22K: ₹15,629
18K: ₹12,787
24K: ₹17,050
22K: ₹15,629
18K: ₹12,787
24K: ₹17,050
22K: ₹15,629
18K: ₹12,787
In Noida, 24K gold is priced at ₹16,205 per gram, while 10 grams cost ₹1,61,900.
Silver remains volatile amid global market fluctuations.
₹315.10 per gram
₹3,15,100 per kilogram
City-wise silver prices remain broadly aligned, with minor variations between Chennai, Hyderabad, Mumbai, and Delhi. Domestic silver rates are influenced by international trends and the movement of the Indian rupee against the US dollar. A weaker rupee makes imported metals more expensive in India.
Market participants are closely monitoring:
Further US military escalation in Iran
Iran’s stance on the Strait of Hormuz
Crude oil price movements
Federal Reserve policy signals
If geopolitical tensions persist or oil prices continue climbing, gold may remain supported at elevated levels in the near term.
ALSO READ: Stock Market Holiday For Holi 2026: Are NSE And BSE Closed On March 3? Here’s What We Know
Sofia Babu Chacko is a journalist with over five years of experience covering Indian politics, crime, human rights, gender issues, and stories about marginalized communities. She believes that every voice matters, and journalism has a vital role to play in amplifying those voices. Sofia is committed to creating impact and shedding light on stories that truly matter. Beyond her work in the newsroom, she is also a music enthusiast who enjoys singing.
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