Gold, silver prices may rise on March 2 amid Middle East tensions. (Photo: Canva)
Gold and silver prices in India are set to remain in sharp focus on March 2 as global markets react to rising geopolitical tensions in the Middle East following the reported death of Ali Khamenei in a US-Israel strike. The development has triggered risk-off sentiment across financial markets, with investors moving toward traditional safe-haven assets such as bullion.
Historically, gold and silver tend to gain during periods of geopolitical instability. The escalating conflict involving Iran, Israel, and the United States has intensified global uncertainty, prompting traders to reduce exposure to equities and cryptocurrencies.
Cryptocurrencies were the first to reflect the nervousness over the weekend, with Bitcoin falling nearly 5 percent below the USD 64,000 mark. Analysts believe this signals broader volatility when Indian commodity markets reopen on Monday. If tensions continue, bullion prices in India could see further upward momentum.
On the Multi Commodity Exchange (MCX), gold futures for April delivery were trading around ₹1,60,399 per 10 grams before the weekend, while silver futures hovered near ₹2,67,600 per kilogram. In Delhi’s physical bullion market, gold surged to ₹1,64,700 per 10 grams, reflecting strong buying interest from jewellers and stockists.
According to the All India Sarafa Association, gold prices in the national capital rose by ₹1,800 in the previous session, climbing from ₹1,62,900 to ₹1,64,700 per 10 grams amid heightened global uncertainty.
Here are the latest 24K gold prices per gram across major Indian cities:
Chennai – ₹17,209
Mumbai – ₹17,308
Delhi – ₹17,323
Kolkata – ₹17,308
Bangalore – ₹17,308
Hyderabad – ₹17,308
Kerala – ₹17,308
Pune – ₹17,308
Ahmedabad – ₹17,313
Jaipur – ₹17,323
Lucknow – ₹17,323
Chandigarh – ₹17,323
Prices in cities such as Coimbatore and Madurai stood at ₹17,209 per gram, while Vadodara, Patna, and Surat were trading around ₹17,313 per gram.
Market participants expect heightened volatility when trading resumes. Any further escalation or retaliation from Tehran could push gold and silver prices higher, as investors seek stability in precious metals. Conversely, signs of de-escalation may cool prices slightly, though the broader trend remains bullish due to persistent global uncertainty.
With geopolitical risks dominating headlines, bullion traders and retail investors in India are closely monitoring developments. Gold and silver rates on March 2 will likely reflect both international price movements and domestic demand trends.
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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