Global Gold Prices Rise Amid Geopolitical Tensions

Key Figures:

• $5,358.58: International spot price of gold per ounce, up 0.89% on March 3
• $89.02: Silver price per ounce, up 0.19% on March 3
• Rs 1,66,199: Domestic futures price of gold on MCX, up 2.53% on March 2
• Rs 1,67,471: Standard price of gold pegged by IBJA on March 3

Market Analysis:

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Gold prices are trading higher on March 3, fueled by escalating tensions between the US, Israel, and Iran. The international spot price of gold is up 0.89% at $5,358.58 per ounce, while silver is up 0.19% at $89.02 per ounce. In India, the domestic futures price of gold closed the MCX session on March 2 up 2.53% at Rs 1,66,199 per 10 grams of 24-carat purity.

Market Outlook:

The rupee is trading stronger at 91.74, but volatility is expected to remain high due to ongoing geopolitical developments. Safe-haven demand is likely to remain active, driving gold prices higher. The breakout above the key resistance level of $5,250 (Rs 1,60,000) is a bullish signal, with strong technical support now placed at $5,200 (Rs 1,58,000).

City-wise Gold Prices in India:

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Gold rates across India's major cities showed remarkable uniformity, with only marginal differences due to local taxes, jeweler margins, and logistics costs.

Forecast:

According to the Augmont Bullion report, gold is targeting $5,450 (Rs 1,70,000) and $5,600 (Rs 1,80,000) in the near term. The breakout signals renewed bullish momentum, with dips likely to attract fresh buying interest as long as prices sustain above the $5,200 (Rs 1,58,000) zone.