Gold Prices Rise 2% to $5,345 as US-Israeli Tensions Escalate

Gold and Silver Prices: March 2 Update

Key Figures:

• Gold price (Comex): $5,345.50 per ounce (up 1.86% from previous session)
• Silver price (Comex): $94.045 per ounce (up 0.81% from previous session)
• Gold price (MCX): Rs 1,61,971 per 10 grams (down 0.08% from previous session)
• Silver price (MCX): Rs 2,81,990 per kilogram (down 0.23% from previous session)
• Rupee (USD): 91.24 (up against the US dollar in early trade on Monday)

Market Analysis:

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The global gold market is experiencing heightened volatility due to ongoing geopolitical tensions between the US, Israel, and Iran. The spot price of gold is trading at $5,345.50 per ounce, a 1.86% increase from the previous session. Silver prices are also up, with a 0.81% gain to $94.045 per ounce.

Domestic Market Update:

In India, the MCX closed the domestic futures session of gold with a 0.08% decline, while silver prices fell 0.23%. The rupee traded stronger at 91.24 against the US dollar in early trade on Monday.

City-wise Gold Prices:

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

Forecast:

Analysts predict that heightened tensions could push gold to Rs 1.70 lakh per 10 grams and silver to Rs 3 lakh per kg in the near term. However, if diplomatic developments or indications of de-escalation occur, precious metals could see profit-taking after an initial spike of 3-6%.