Gold prices climbed for a fifth straight session as escalating tensions in West Asia boosted safe-haven demand. MCX gold futures surged, while Mumbai’s 24-carat gold rate touched Rs 1,70,780 per 10 grams. Investors also tracked crude oil spikes and US economic cues
Representational image. File pic
Amid the highly escalated global tensions, the gold prices on Tuesday climbed for a fifth straight session in the global markets. Escalating conflict in the Middle East in the last few days has been a major factor in the surge of precious metal prices.
Gold has rallied nearly 25 per cent in 2026 after rising 64 per cent last year amid robust central bank buying, inflows into exchange‑traded funds and concerns about the US Federal Reserve's independence.
MCX gold April futures gained 2.53 per cent to Rs 1,66,199 per 10 grams on Monday, while MCX silver May futures eased 0.90 per cent to Rs 2,80,090 per kg.
Gold prices in Mumbai
While the impact of global tensions is directly seen on the gold prices in major cities of India. The prices of 24-carat gold in Mumbai on Tuesday stood at Rs 1,70,780 for 10 grams. On the other hand, the price of 22-carat gold in Mumbai was recorded at Rs 1,56,570 for 10 grams. However, amid the global tensions, the price of yellow metal is unlikely to stabilise in the next few days.
MCX to remain closed on March 3
India’s Multi-Commodity Exchange will remain closed for the first half of trading on Tuesday for Holi, with evening trading resuming at 5 pm.
Tensions in West Asia pushed investors toward safe-haven assets and raised concerns about inflation in the US and about the Federal Reserve leaving interest rates unchanged for longer.
Spot gold rose 0.8 per cent to USD 5,360 an ounce, while US gold futures gained roughly 1 per cent and spot silver advanced about 1.9 per cent to USD 91.11 an ounce, reported IANS.
Dollar index also surge
The dollar index surged 0.19 per cent to 98.57, making greenback-backed bullion expensive for buyers in overseas currencies, capping further gains in the yellow metal.
US President Donald Trump said the military offensive against Iran will continue for as long as it takes. Tehran reportedly targeted oil and gas infrastructure in Saudi Arabia and threatened shipping in the strategic Strait of Hormuz. Meanwhile, Israel announced a “wave of strikes” targeting Iran’s command centers.
Supply disruption may hike crude oil prices
Iran's retaliatory strikes on oil and gas facilities have heightened fears of supply disruption, lifting oil prices and stoking inflation worries.
US crude futures rose 1.4 per cent to USD 72.23. Brent crude gained 1.87 per cent to trade at USD 79.2 per barrel in early session on Tuesday.
Investors remain keen on cues from US Manufacturing and Non-Manufacturing PMI, ADP Non-Farm Employment Change and Unemployment data for assessing the direction of Federal Reserve policy.
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