Spot gold opens higher amid rising hostilities in West Asia
This story was originally published at 15:14 IST on 2 March 2026
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By Reshma Ravi
MUMBAI – Spot gold prices opened higher Monday, tracking futures contracts on the Multi Commodity Exchange of India and the COMEX. Prices rose as hostilities in West Asia spurred safe-haven demand for the yellow metal, analysts said.
In Mumbai, the spot price of gold of 99.9% purity opened at INR 166,469 per 10 grams, up from Friday's close of INR 159,097 per 10 grams, said Kumar Jain, spokesperson for the India Bullion and Jewellers Association. Dealers are no longer offering discounts on gold prices, as investment demand has picked up due to geopolitical tensions, Nitin Kedia, national general secretary of All India Jewellers & Goldsmith Federation, said.
"Prices already spiked following US and Israeli strikes on Iran, which significantly heightened global economic uncertainty," ICICI Direct said in a report. On Saturday, the US and Israel launched aerial attacks on Iran, killing the country's Supreme Leader Ayatollah Ali Hosseini Khamenei. Iran has since retaliated against Israel and targeted US military facilities around the Persian Gulf region.
US President Donald Trump has promised to avenge the death of three US army service members and said the bombing on Iran would continue until "all objectives are achieved". Early Monday, Israel bombed Lebanon's capital Beirut after militant outfit Hezbollah attacked northern Israel, AlJazeera reported. End
Edited by Ashish Shirke
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