Gold Price Today: Gold prices rise sharply amid US-Iran war

Gold Price Today: The impact of the escalating tensions between the US and Iran is now clearly visible on gold and silver prices. On Wednesday morning (March 4), gold prices rose again on the Multi Commodity Exchange (MCX). Gold for April delivery jumped nearly 1.13 percent to reach ₹1,62,930 per 10 grams. Silver for May delivery rose 1.3 percent to trade at ₹2,68,700 per kg.

However, the situation was completely opposite a day earlier. In the previous trading session, gold fell nearly 3% to close at ₹1,61,108 per 10 grams, while silver saw a sharp decline of nearly 5%. At that time, the precious metals were under pressure due to the strengthening dollar and rising US bond yields.

The US dollar index has reached a multi-month high of around 99.33. Meanwhile, the US 10-year bond yield has surpassed 4%. Rising energy prices and concerns about rising inflation have led investors to believe that the US Federal Reserve may keep rates elevated for a longer period instead of cutting them. Amid this uncertainty, investors are once again turning to safe havens, and gold is considered a preferred option during these times.

What do experts say about gold?

The question now is: is it wise to buy gold now? Commodity experts believe that while the long-term outlook for gold and silver is positive, the market is currently highly volatile. Therefore, it may be better to wait for some stability rather than making hasty purchases. Regarding technical levels, gold on MCX is considered to have strong support between ₹1,59,100 and ₹1,57,700, while resistance could arise at ₹1,63,500 and ₹1,65,800.

Silver's support zone is ₹2,57,700 and ₹2,51,500, while resistance could be seen between ₹2,71,000 and ₹2,78,800. Some analysts believe that in the current environment, gold could reach ₹1,63,000 and silver could reach ₹2,70,000 per kg.