Gold, Silver Prices Today: Massive Surge After Iran Conflict, MCX Rates Jump

Gold and silver prices surged sharply on Monday amid escalating tensions between the US, Israel and Iran. Investors moved towards safe haven assets following rising geopolitical uncertainty.

Gold prices rose by more than ₹5,000, while silver prices increased by over ₹10,000 during the day.

The war between the US, Israel, and Iran has created significant uncertainty globally. Investors are turning to safe havens, leading to a sharp rise in the prices of precious metals like gold and silver. The death of Iran's Supreme Leader, Ayatollah Ali Khamenei, in an Israeli and US attack has raised the risk of increasing uncertainty in the global economy.

US Iran War Update

The US announced on Sunday that it had completely destroyed the headquarters of Iran's powerful Revolutionary Guards. Furthermore, for the first time, news of American soldier casualties has emerged in this war.

The US Central Command issued a statement on X, sharing a video of missiles fired from a US Navy ship and destroying an urban complex. The statement said, "The US has the most powerful military in the world, and the IRGC no longer has any headquarters."

COMEX Gold Price Levels

Enrich Money CEO Ponmudi R said that prices are currently holding firmly above key moving averages. The resistance zone at previous all time highs is gradually rising, indicating a strong bullish momentum.

Strong buying is being seen at the $5,100 to $5,200 support level. If prices hold above $5,500 to $5,600, the path to new all time highs could open.

Crude Oil Prices Surge

Crude oil prices surged sharply on Monday due to escalating tensions in the Middle East. These reached their highest levels in several months. The US and Israel launched military strikes on Iran, killing Iran's Supreme Leader Ali Khamenei. Following this, the Strait of Hormuz was virtually closed, damaging several tankers and disrupting supplies from the major oil producing region.

Brent crude futures rose sharply to $82.37, their highest level since January 2025. During trading, Brent crude rose 7.60 percent to close at $78.41 per barrel, while US WTI crude rose 7.19 percent to reach $71.86 per barrel.

Crude oil with March expiry on MCX opened at ₹6,210 per barrel, up nearly ₹118, or 1.93 percent.

Gold Rates in Major Cities

In Delhi, 24 carat gold is being sold at ₹166,710 per 10 grams on Monday, while 22 carat gold is selling at ₹152,818 per 10 grams. In Mumbai, 24 carat gold is selling at ₹166,990 per 10 grams, while 22 carat gold is selling at ₹153,074 per 10 grams.

In Kolkata, 24 carat gold is selling at ₹166,770 per 10 grams, and 22 carat gold at ₹152,873 per 10 grams. In Chennai, 24 carat gold is selling at ₹167,480 and 22 carat gold at ₹153,523 per 10 grams. In Bengaluru, 24 carat gold is trading at ₹167,080 per 10 grams, while 22 carat gold is at ₹153,157. In Hyderabad, 24 carat gold is ₹167,220 per 10 grams, and 22 carat gold is ₹153,285 per 10 grams.

Outlook on MCX

As per Industry experts, estimates that the price of gold for the April futures contract on the Multi Commodity Exchange could rise to ₹164,000 per 10 grams. This target was achieved in early trading. He further stated that if the market moves lower, the ₹160,000 level could become a strong floor. He further added that the price of silver for the May futures contract on the MCX could remain elevated, with resistance currently at ₹284,000 per kg.

On March 2, 2026, gold for April delivery on the Multi Commodity Exchange rose by Rs 5,811, or over 3 percent, to Rs 167,915 per 10 grams from Friday's closing price of Rs 162,104. Silver for March 5 delivery on MCX rose by Rs 10,980, or nearly 4 percent, to Rs 285,978 per kg from Friday's closing price of Rs 274,998.