Gold rate on MCX moved higher on March 5 as global tensions increased. The US Iran conflict pushed investors toward safe assets. Gold and silver saw strong buying in early trade.
MCX gold futures for April rose more than Rs. 1,600. Prices climbed over 1% to Rs. 1,63,142 per 10 grams. In the previous session, gold had closed at Rs. 1,61,525 with a small gain. The sharp rise shows strong safe haven demand in the market.
Silver also gained momentum. MCX silver May futures jumped nearly 2% to Rs. 2,70,501 per kilogram. In the last session, silver ended almost flat at Rs. 2,65,560 per kilogram. Fresh buying supported the rally in both metals.
The US Iran conflict remains the main reason for the rise. Reports said nearly 2,000 targets across Iran have faced strikes under Operation Epic Fury. These include missile sites, naval bases, and intelligence units. Rising tension increased fear in global markets. This supported safe haven demand for gold.
At the same time, the dollar index moved higher. The dollar index rose 0.20% to 98.98 and gained over 1% this week. A stronger dollar index makes gold costly for buyers using other currencies. This limited further sharp gains in MCX gold futures.
Interest rate expectations also affected sentiment. Market data shows that the US Federal Reserve may keep interest rates unchanged in March. Traders now watch US jobless claims data and February employment numbers. These reports may give direction on future rate decisions.
Analyst Manoj Kumar Jain of Prithvifinmart Commodity Research expects gold and silver to remain volatile. He sees support for gold at Rs. 1,59,800 and Rs. 1,57,700 on MCX. Resistance stands at Rs. 1,63,200 and Rs. 1,64,400. For silver, support lies at Rs. 2,61,600 and Rs. 2,55,500. Resistance stands at Rs. 2,71,000 and Rs. 2,78,000.
He suggests profit booking at higher levels. Fresh buying at very high prices may carry risk if momentum slows.
Gold rate on MCX continues to reflect global uncertainty. The US Iran conflict has lifted safe haven demand strongly. However, the dollar index and US rate outlook may keep prices volatile in the short term.
Disclaimer: This news is for educational purposes only. Market conditions change quickly. Investors should consult certified financial experts before taking investment decisions.
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