Gold & silver price today: COMEX Gold above $5,300, silver $90 - Will rally continue on US-Iran war hype?

Gold extended its rally for a fifth consecutive session, while silver rebounded sharply on Tuesday, March 3, climbing nearly 2% after ending in the red a day earlier amid escalating tensions in the Middle East. Spot gold rose 1% to $5,377.21 per ounce as of 0122 GMT, after touching a more than four-week high in the previous session following weekend strikes on Iran by the U.S. and Israel. U.S. gold futures for April delivery advanced 1.5% to $5,391.90. Spot gold was up 1.26% at $5,738 per ounce, while spot silver advanced 1.92% to $90.56 per ounce during Asian trading hours, recovering from a steep 6% decline on Monday.

The surge in bullion prices comes as crude oil remains elevated following the joint Israeli and US strikes on Iran on February 28 and Tehran’s subsequent retaliation, heightening concerns for oil-import-dependent economies such as India.

On March 2

Gold and silver extended their sharp rally on March 2, buoyed by robust safe-haven demand amid escalating tensions in the Middle East. At 17:59 IST, MCX gold was trading at Rs 1,69,010 per 10 grams, up Rs 6,906 or 4.26% from the previous close of Rs 1,62,104. MCX silver climbed to Rs 2,96,800 per kg, gaining Rs 14,156 or 5.01% compared with the earlier close of Rs 2,82,644.

Bullion prices up and down

Bullion remained firmly bid as rising geopolitical friction involving the US, Israel and Iran continued to channel risk-off flows into precious metals. The sharp advance has kept both domestic and international gold prices elevated, even as markets await fresh macroeconomic cues from the United States.

Since Saturday, gold prices have surged amid escalating tensions in the Middle East following joint U.S.-Israeli strikes on Iran and subsequent retaliatory attacks across the Gulf region. The metal briefly climbed above $5,400 per troy ounce before easing to the $5,300 range. Although below its January 29 record high of $5,594, analysts believe further upside remains. J.P. Morgan noted that while conflict-driven spikes can be temporary, persistent geopolitical risks support its forecast of gold reaching $6,300 by end-2026.

What lies ahead

Since January, gold has gained 24% and silver 30%, building on last year’s strong rally of 70% in gold and 125% in silver during calendar year 2025.

Harshal Dasani, Business Head at INVasset PMS, said the Israel-Iran escalation has reinforced structural demand for precious metals. “When geopolitical fault lines widen, gold becomes the first port of safety. With crude oil firming and global risk appetite weakening, investors are rotating toward hard assets,” he said, adding that higher oil prices increase inflation risks for India, strengthening gold’s appeal as a hedge. He also highlighted continued central bank accumulation as a supportive factor.

Dasani added that silver is reacting more aggressively due to its dual role as both a safe-haven and industrial metal. Its exposure to themes such as electrification and solar expansion makes it more volatile, but potentially capable of outperforming gold if tensions persist and the dollar remains stable.

According to Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities, gold rallied strongly with MCX touching around Rs 1,68,700, while CME gold surged close to $5,400, marking gains of nearly 2% amid renewed geopolitical stress. He said the metal’s bullish structure remains intact as long as prices hold above Rs 1,64,000, which has emerged as a key support level. Immediate resistance is seen around Rs 1,72,000. Trivedi added that the upcoming week is packed with US economic data, including PMI readings, ADP employment figures and unemployment data, which could trigger volatility as investors recalibrate expectations around Federal Reserve policy.

Ross Maxwell, Global Strategy Operations Lead at VT Markets, said escalating tensions between the US, Israel and Iran have sparked a pronounced flight to safety, lifting gold prices across global and domestic markets. He highlighted concerns over potential disruptions in the Strait of Hormuz, firm crude oil prices and a weakening rupee as additional supportive factors, with domestic gold nearing the Rs 1.7 lakh per 10 grams threshold. Maxwell noted that safe-haven buying typically intensifies during geopolitical crises as investors reduce exposure to risk assets. While a prolonged conflict could push gold to fresh highs, any de-escalation or a stronger US dollar may limit gains in the near term. Silver, he added, is moving in tandem but with higher volatility due to its dual role as both an industrial and precious metal, and could outperform gold on a percentage basis if the rally sustains.

Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Ltd., said, “Gold and silver remain in a structurally strong uptrend, supported by geopolitical uncertainty, elevated global debt, and expectations of accommodative monetary policy. With tensions in the Middle East intensifying and energy prices rising, safe-haven demand for gold continues to build. As long as gold sustains above the $5,200 zone, the momentum favors a move toward $5,450–5,600 in the near term. Dips are likely to attract strategic buying rather than aggressive selling.”

On silver, Kothari added that the metal is benefiting from both monetary and industrial tailwinds. “A persistent multi-year supply deficit, strong demand from solar, EVs and AI infrastructure, and renewed investment flows are tightening the market. After breaking above $95, silver has opened the path toward $100–105 levels. Its higher beta nature suggests it could outperform gold in this phase of the rally. While short-term volatility will remain elevated due to geopolitical developments and US data releases, the broader bias for both metals remains constructive, with corrections likely to be shallow and temporary.”