More Stories

Informist, Thursday, Mar. 5, 2026

 

By Reshma Ravi

 

MUMBAI – Futures contracts of gold rose Thursday on the Multi Commodity Exchange of India and the COMEX as conflict in West Asia lifted safe-haven demand. Both gold and silver prices are expected to remain volatile amid ongoing geopolitical uncertainty, analysts said.

 

"We expect gold and silver prices to remain volatile this week amid volatility in the dollar index, US-Iran war and ahead of the US job data," Manoj Jain, director of Prithvi Finmart, said in a note.

 

At 1753 IST, the most-active April GOLD contract on the MCX was up 0.2% at INR 161,908 per 10 grams. The most-active April contract on COMEX was up nearly 1% at $5,175.8 per ounce. The most-active May SILVER contract on the MCX was up 0.7% at INR 263,100 per kilogram, and the same-month contract on the COMEX was up nearly 2% at $84.60 per ounce.

 

Gold prices rose as armed hostilities in West Asia continued with no signs of abating, with constant strikes by the US and Israel on Tehran and other cities in Iran, including on civilian infrastructure and hospitals. The US also sank an Iranian warship in international waters as it was returning from a naval exercise in India.

 

Meanwhile, the airspace in several countries in the region remained closed amid Iran's retaliatory attacks on US military and diplomatic installations, airports, hotels, as well as energy facilities.

 

In addition, a proposed bill seeking to curtail US President Donald Trump's war powers with respect to US strikes on Iran failed in the Senate on Wednesday, allowing for continued aggression in West Asia. On Wednesday, air defences of the North Atlantic Treaty Organization destroyed an Iranian ballistic missile as it approached Turkey. 

 

"Escalating conflict risks, following Iran's drone and missile strikes across the region, boosted safe-haven inflows. Additionally, concerns that surging energy prices could renew inflationary pressures encouraged fresh buying interest in bullion as an inflation hedge," Kotak Securities said in a report. "However, gains were partially trimmed after a rebound in equities and hawkish remarks from Cleveland Fed President Hammack, indicating that policy could remain on hold for an extended period," it added. 

 

Meanwhile, media reports on Thursday said Iran had made a conditional offer to the US to abandon its nuclear programme. "Iran is ready to abandon its nuclear program on condition that the US presents a satisfactory alternative offer," Iran's deputy foreign minister said.

 

Outlook for the rest of the session:

--MCX gold seen at INR 159,500–INR 163,500 per 10 grams

--COMEX gold seen at $5,150.0–$5,250.0 an ounce

--MCX silver seen at INR 260,000-INR 272,000 per kg

--COMEX silver seen at $82.00-$87.00 an ounce

 

End

 

US$1 = INR 91.60

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Avishek Dutta

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

 

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2026. All rights reserved.