Gold Climbs Above $5,300 on COMEX; Silver Nears $90 Amid US-Iran Tensions

Gold and Silver Price Updates: March 3, 2026

Market Analysis

Gold prices continued their upward trend for the fifth consecutive session, with a near 1% increase in the COMEX gold rate, trading above the $5,300 level. Meanwhile, silver prices turned positive, reaching an intraday high of $91.61 per ounce. The Multi Commodity Exchange (MCX) remained closed for the first half of the day due to Holi 2026 celebrations, with trading resuming in the evening from 5 pm to 11 pm.

Market Performance

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On Monday, gold prices on MCX closed 2.53% higher at ₹1,66,199 per 10 grams, while silver prices ended the session in the red at ₹2,80,090 per kg. The surge in energy prices due to the ongoing US-Iran conflict has sparked inflation worries in the US, weighing on Treasury prices and strengthening expectations for the Federal Reserve to keep interest rates unchanged.

Market Outlook

Experts predict that rising geopolitical tensions could trigger a sharp rally in precious metals, with gold prices potentially reaching $6,000 globally or ₹2,00,000 in the domestic market in an extreme scenario. Analysts also anticipate that escalating tensions may drive silver prices past the $100 mark. The actual trajectory of gold prices will largely depend on the unfolding of the conflict.