Gold Rate Today LIVE: MCX gold price jumps above ₹1.63 lakh, silver rate up 2% as US-Iran war fuel safe‑haven demand

Amazon Inc shares remained higher for the second straight session on Wednesday, March 04, rising 4.2% to the day's high of $217.54, also marking the highest level in a month.

The company shares surprisingly showed limited reaction to the rising tensions in the Middle East even as its key cloud units were attacked.

The US stock market staged a smart recovery, with the S&P 500 gaining 0.7%, while the Nasdaq Composite moved 1.3% higher. The Dow Jones Industrial Average added 217 points, or 0.4%, as the softening of crude oil prices and the latest jobs data reinforced confidence among investors, even as tensions in the Middle East continued to escalate.

Donald Trump said that the US would provide risk insurance for all maritime trade through the Gulf in an effort to get tankers moving through the Strait of Hormuz.

Silver prices have cooled off from their intraday high, as the May silver contract on MCX dropped ₹7,701 from the day's high of ₹2,76,516 per kilogram. The white metal opened the session higher at ₹2,71,000 after falling sharply by ₹13,613 in the previous sessions, as value buyers stepped in.

If prices finish the session higher, it will end the two-day losing streak, during which the metal has lost a cumulative ₹17,326 per kilogram.

The price of the world’s largest cryptocurrency, Bitcoin, saw renewed buying in Wednesday's session, as crypto markets staged a broad-based rebound after remaining under pressure lately due to escalating tensions in the Middle East.

Bitcoin opened the session higher at $68,336 compared to its previous close of $68,336 and maintained momentum to cross the $70,000 mark, reaching a one-month high of $72,621. Ether also surged — rising as much as 6.3% to $2,092 — with cryptocurrencies forming a sea of green.

Ponmudi R said that MCX Silver futures are currently trading around ₹2,60,000– ₹2,80,000 following a gap-up opening. He added that the long-term bullish framework remains intact, supported by favorable global cues amid heightened geopolitical tensions. Prices continue to extend their upward trajectory, with short-term momentum turning decisively positive.

He highlighted that key support lies within the ₹2,50,000– ₹2,70,000 zone, and a sustained hold above this region could trigger further upside toward ₹3,00,000– ₹3,20,000. Ponmudi R also mentioned that dips toward strong support zones may provide accumulation opportunities for positional traders, although a decisive breakdown below these levels could accelerate downside pressure.

Ponmudi R, CEO of Enrich Money, said that MCX Gold futures are trading within the ₹1,60,000– ₹1,70,000 range. He noted that prices are currently consolidating with a mildly positive bias, as safe-haven demand remains supported by global geopolitical uncertainty.

A strong buying interest is visible within the ₹1,58,000– ₹1,62,000 demand zone, which has emerged following the recent surge driven by Middle East tensions.

Ponmudi R further stated that if prices continue to hold above this base and achieve a sustained breakout above ₹1,70,000, momentum may extend toward ₹1,75,000– ₹1,80,000, maintaining a constructive medium-term outlook.

Gold and silver saw renewed buying in Wednesday's session, March 04, driven by softness in the US dollar and the widening conflict in the Middle East.

Gold, often deemed a safe-haven asset during times of crisis, gained $95 per troy ounce on Comex to $5,218 per ounce on March 04. The March silver futures contract on Comex advanced $3.53 per troy ounce to reach the day’s high of $87.

The US dollar index, which measures the greenback against a basket of major currencies, pulled back to 98, making greenback-priced commodities more attractive for overseas buyers.

The precious metals continue to draw support from escalating tensions in the Middle East, which entered their fifth day as both sides continued to exchange attacks.

Hou Wey Fook, Chief Investment Officer, DBS Bank, does not subscribe to the notion that silver can act as a substitute for gold as a portfolio risk diversifier, citing three key reasons

Firstly, Hou Wey Fook explains that silver has a large proportion (60%) of its demand coming from industrial applications. This exposure to industrial demand makes silver susceptible to price corrections during periods of economic weakness.

In comparison, gold has only 10% of its demand tied to industrial use and, accordingly, remains more resilient during economic downturns, he notes.

Secondly, Hou Wey Fook highlights that silver has a smaller market size (USD 5 trillion) compared to gold (36 trillion). If limited to just the investment portion of the market, silver becomes even smaller relative to gold.

According to Hou Wey Fook, this market size disparity makes silver more susceptible to speculative and retail flows. He points out that silver saw more extreme price swings compared to gold during the market rout earlier this year—silver recorded an intra-day drop of over 30% on 30 January, while gold capped its decline at 9%. This higher volatility, Hou Wey Fook says, makes silver less conducive as a risk diversifier.

Lastly, Hou Wey Fook adds that silver does not have as established a track record as a safe-haven asset compared to gold. He notes that the gold standard has acted as the basis for the international monetary system at various points in history. Furthermore, sovereign institutions such as central banks have included gold as part of their reserves for centuries. Silver, according to Hou Wey Fook, does not enjoy the same status as a store of value as gold.

Anuj Gupta, a SEBI-registered market expert, believes the undertone for gold and silver prices today is positive, as safe-haven demand for the precious metals has risen further following the escalation in the US-Iran war. He said that soaring crude oil prices due to the disruption in the Strait of Hormuz is expected to fuel global inflation, which would put currencies across the globe under pressure.

A weak US Dollar (USD) and the Indian National Rupee (INR) will also fuel gold prices in the international and domestic markets.

"The COMEX gold rate today is in the $5,100 to $5,200 range. Breaking above $5,200/oz, the precious yellow metal may soon touch the $5,250 and $5,300 per ounce levels," said Anuj Gupta.

Silver prices, too, regained strength in today's session after a sharp knockdown on Tuesday.

The March silver futures contract on MCX gained ₹10,082 per kilogram to reach the day's high of ₹2,75,400. On March 02, the white metal came within striking distance of ₹3 lakh.

After a historic sell-off in late January, prices have staged a smart recovery, rising ₹49,324 from the recent lows.

Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said, "Gold remained highly volatile as CME prices saw a sharp sell-off from $5,400 to $5,000, before finding support and recovering towards $5,200. MCX Gold mirrored the swings, trading in a wide ₹1,59,000– ₹1,70,000 range and currently near ₹1,64,000. Volatility is expected to remain elevated due to the ongoing Western Asia conflict and failed US–Iran nuclear talks, which continue to keep uncertainty high in global markets."

Brokerage firm ICICI Bank Research, in its latest report, expects gold prices to trade in the USD 5,200/oz to USD 5,500/oz range in the near term, with upside risks to these projections.

The prospect of supply-side disruptions to shipping could mean that base metal prices also trade with an upside bias.

“Risk aversion should support the safe-haven appeal for precious metals ensuring that gold prices drift higher moving towards the USD 5500/oz level,” said the brokerage.

After a ₹5,000 crash in the previous session, gold prices have recovered over half of their losses, as the April futures contract on MCX jumped ₹2,692 per 10 grams to the day’s high of ₹1,63,800.

Prices have witnessed renewed buying as the conflict in the Middle East widened, boosting demand for safe-haven assets.

The demand for precious metals is expected to remain favourable as long as tensions stay elevated. The US dollar fell 0.1%, making greenback-priced gold more affordable for buyers using other currencies.

Ponmudi R, CEO of Enrich Money, said, "Gold Prices are currently consolidating with a mildly positive bias as safe-haven demand remains supported by global geopolitical uncertainty. Strong buying interest is visible within the ₹1,58,000– ₹1,62,000 demand zone, which has emerged following the recent surge driven by Middle East tensions."

If prices continue to hold above this base and achieve a sustained breakout above ₹1,70,000, momentum may extend toward ₹1,75,000– ₹1,80,000, maintaining a constructive medium-term outlook, he further added.

The broadening of demand from central bankers might be an emerging key theme in 2026. As we have seen in January, both Malaysian and Korean central banks have resumed interest in increasing gold exposure after prolonged absences. The next 10-15 days could prove crucial in shaping the geopolitical backdrop this year, as US-Iran tensions continue to escalate with little indication of diplomatic resolution in sight. The strong pace of gold accumulation by central bankers since 2022 has been intertwined with how nations position themselves in a shifting world order, said the World Gold Council.

Gold Rate Today LIVE: Central banks buying momentum intact even as gold prices climb

MCX gold rate today for April futures contracts was trading higher by ₹2,232, or 1.39%, at ₹1,63,800 per 10 grams level. Gold price hit a high of ₹1,63,340 level earlier. MCX silver price for May contracts was up by ₹6,682, or 2.52%, at ₹2,72,000 per kg. It touched an intraday high of ₹2,73,833 level.

Gold price has extended its longest winning streak since 1973, underscoring its role as a core safe-haven asset during periods of systemic stress. With a key global trade chokepoint effectively locked and geopolitical instability intensifying, investors have decisively rotated away from risk assets toward bullion.

After achieving the target of $5,400 (~ ₹1,67,000), gold prices are consolidating and building a base for the new bullish momentum towards $5,500 (~ ₹1,72,000) and $5,600 (~ ₹1,76,000). After achieving the target of $93 (~ ₹2,85,000), silver prices are expected to consolidate and build a base around $85 and $95 before resuming for the new bullish momentum towards the next resistance level of $100 (~ ₹300,000), said Dr. Renisha Chainani, Head - Research at Augmont.

Comex gold price is currently trading within the $5,000 – $5,400 range, maintaining a sequence of higher highs and higher lows. The broader bullish framework remains intact, supported by strong momentum and sustained breakout continuation from previous consolidation zones. Gold prices continue to hold firmly above key moving averages and prior resistance areas near earlier record highs, gradually edging higher and indicating strengthening bullish momentum. Strong buying interest remains visible within the $5,100 – $5,200 support band. As long as gold price sustains above the $4,900–$5,000 support zone, the broader bullish trend remains intact. A sustained breakout above $5,400–$5,600 could open the door toward fresh record highs, said Ponmudi R, CEO of Enrich Money.

Global central bank gold buying slowed in January, with net purchases of 5 tonnes compared to the prior 12-month average of 27 tonnes, as volatile prices and seasonal factors tempered activity. The Central Bank of Uzbekistan led buyers with 9 tonnes, lifting reserves to 399 tonnes and increasing gold’s share to 86% from 57% in 2020. Bank Negara Malaysia added 3 tonnes, raising holdings to 42 tonnes or 5% of reserves. The People’s Bank of China purchased 1 tonne, extending its streak to 15 months and pushing gold to nearly 10% of reserves. The Bank of Russia sold 9 tonnes, while Bulgaria transferred 2 tonnes to the ECB following euro adoption.

During major global conflicts, gold has acted as a consistent hedge, with median peak gains in mid-single digits. The gains in gold prices were less volatile than oil but occasionally more persistent. Here’s a look.

Ajay Kedia said that the overall trend for MCX silver price is positive. It may face resistance at ₹2,76,630 level and support is placed at ₹2,65,450 level. If the MCX silver price crosses 50MA, he expects to see levels of ₹2,76,630 - ₹2,79,800. MACD also signals to have bullish crossover as bearish crossover is losing momentum. He recommends a ‘buy on drop’ approach for MCX silver price.

The trend for MCX gold rate today remains positive. According to Ajay Kedia, Director, Kedia Advisory, MCX gold price may face resistance at ₹1,64,050 level, while support is seen at ₹1,62,200 level.

“The overall trend remains positive. Technically, the current MCX gold price is trading near its 50-day moving average (50MA), a key support level being closely watched by traders. A decisive breakout above the 50MA could pave the way for an upside move toward the ₹1,64,050 level. Meanwhile, the MACD indicator suggests improving momentum, with the earlier bearish crossover losing strength and a potential bullish crossover likely in the near term,” Kedia said.

He recommends a ‘Buy on drop’ strategy for MCX gold prices.

MCX silver prices are currently trading around ₹2,60,000 – ₹2,80,000 following a gap-up opening. The long-term bullish framework remains intact, supported by favorable global cues amid heightened geopolitical tensions. Silver prices continue to extend their upward trajectory, with short-term momentum turning decisively positive.

According to Ponmudi R, key support for MCX silver price lies within the ₹2,50,000 – ₹2,70,000 zone, and a sustained hold above this region could trigger further upside toward ₹3,00,000 – ₹3,20,000. He believes dips toward strong support zones may provide accumulation opportunities for positional traders, although a decisive breakdown below these levels could accelerate downside pressure.

MCX gold price is trading within the ₹1,60,000 – ₹1,70,000 range. Gold prices are currently consolidating with a mildly positive bias as safe-haven demand remains supported by global geopolitical uncertainty. Strong buying interest is visible within the ₹1,58,000 – ₹1,62,000 demand zone, which has emerged following the recent surge driven by Middle East tensions.

If MCX gold prices continue to hold above this base and achieve a sustained breakout above ₹1,70,000, momentum may extend toward ₹1,75,000 – ₹1,80,000, maintaining a constructive medium-term outlook, said Ponmudi R, CEO of Enrich Money.

Bitcoin prices have been trading in a tight range between $63,000 and $69,000 over the past week, holding steady even as geopolitical tensions rise. Derivatives data suggests investors are still leaning cautiously bullish, with the put/call ratio at 0.43 and strong call positioning between $74,000 and $95,000, extending toward $1,30,000.

This indicates traders are preparing for potential upside if momentum returns. In the near term, the $74,000 – $80,000 zone could act as a key target if Bitcoin prices start moving higher. Meanwhile, more than 21,000 bitcoins have left exchanges since February 25, a sign that investors are moving coins to long-term storage and gradually accumulating, said CoinSwitch Markets Desk.

Gold and silver prices on MCX extended rally after opening sharply higher on Wednesday. MCX gold rate was up by ₹2,581, or 1.60%, at ₹1,63,689 per 10 grams, after hitting a high of ₹1,63,700 level. MCX silver rate was up by ₹7,580, or 2.86%, to a high of ₹2,72,898 per kg.

Silver climbed more than 2% to trade above $84 per ounce on Wednesday, recovering after a sharp decline of over 12% in the prior two sessions. The rebound came as the US-Israeli war on Iran entered its fifth day, heightening concerns of a prolonged regional conflict and supporting safe-haven demand. President Donald Trump pledged naval escorts and insurance backing for vessels navigating the Strait of Hormuz to stabilize energy flows. Earlier losses were driven by a stronger dollar and rising energy cost concerns, which fueled inflation expectations and prompted investors to reassess the Federal Reserve’s monetary policy outlook.

MCX gold rate today for April futures contracts opened 1.33% higher at ₹1,63,265 per 10 grams as against its previous close of ₹1,61,108.00 level.

MCX silver rate for May futures contracts opened 2.14% higher at ₹2,71,000 per kilogram as compared to its previous close of ₹2,65,318 level.

The dollar rallied to a three-month high. The US dollar index, which measures the greenback’s strength against a basket of six currencies, was steady at 99.103, its strongest since November 28. Against the yen, the dollar was down 0.1% at 157.555 yen. Against the Chinese yuan, in offshore trade the dollar was down 0.1% at 6.9139 yuan, Reuters reported. The euro traded down 0.1% at $1.1604, and the British pound slipped 0.1% to $1.3340.

US President Donald Trump told reporters that the US military had struck numerous Iranian naval and air targets, saying that “just about everything has been knocked out,” Reuters reported. Global oil and gas prices surged as the US-Israeli war on Iran halted energy exports from the Middle East, with Tehran attacking ships and energy facilities, closing navigation in the Gulf and forcing production stoppages from Qatar to Iraq.

Spot silver price rallied 1.4% to $83.27 per ounce, after falling more than 8% in the last session. Silver prices have risen more than 16% so far this year.

Spot gold price rallied 1% to $5,138.46 per ounce, after falling to its lowest since February 20 in the previous session. US gold futures for April delivery gained 0.5% to $5,147.10 an ounce. Spot gold price has jumped 19% year-to-date, driven by global turmoil, after surging 64% in 2025.

Gold and silver prices in the international market traded higher, rebounding from a fall in the previous session, as escalating US-Israeli air strikes against Iran heightened geopolitical uncertainty and supported safe-haven demand.