Gold, Silver Price Latest Updates: Gold prices surged for the fifth session straight on Tuesday, March 3. Meanwhile, silver prices turned positive despite closing in the red on Monday, amid rising tensions in the Middle East.
The COMEX gold rate today was nearly up 1%, trading above the $5,300 level. Likewise, COMEX silver rate today opened in green and touched an intraday high of $91.61 per ounce.
Back home, the Multi Commodity Exchange (MCX) will remain closed for trading in the first half on Tuesday, March 3, on account of Holi 2026, with trading resuming in the evening session from 5 pm to 11 pm today.
On Monday, gold prices on MCX closed 2.53% higher, ending the session at ₹1,66,199 per 10 grams. Meanwhile, silver prices on MCX ended Monday’s session in red, closed at ₹2,80,090 per kg.
Donald Trump said the US would continue its military campaign against Iran for as long as needed, even as Tehran struck oil and gas facilities and threatened maritime traffic in the region.
The resulting spike in energy prices has stoked inflation worries in the US, weighing on Treasury prices and strengthening expectations that the Federal Reserve could keep interest rates unchanged for a prolonged period.
Can gold prices touch the ₹2 lakh mark amid the ongoing US-Iran war?
Experts say that rising geopolitical tensions could trigger a sharp rally in precious metals.
Sharing his outlook on gold, Hareesh V, Head of Commodity Research at Geojit Investments, told Mint that, in an extreme scenario, ₹2,00,000 in the domestic market”>gold prices could potentially climb to $6,000 globally or ₹2,00,000 in the domestic market. However, he noted that the actual trajectory will largely hinge on how the conflict unfolds.
Analysts also indicated that escalating tensions may drive silver prices past the $100 mark, they added.