Gold Price Today: On Monday, March 2, 2026, on the Multi Commodity Exchange of India (MCX), gold for April delivery opened higher by ₹3,397, or 2.09%, at ₹1,65,501 per 10 grams compared to its previous close of ₹1,62,104. The yellow metal extended gains during the session, rallying 3.5% to hit an intraday high of ₹1,66,920. Meanwhile, MCX silver for May contracts also saw robust momentum, touching a high of ₹2,93,152 per kilogram — up ₹10,508, or 3.71%, from its previous close of ₹2,82,644.
In the international market, precious metals mirrored the bullish trend. On COMEX, spot gold prices climbed to $5,400 per ounce during the intraday session, while spot silver surged nearly 2% to touch an intraday high of $96.93 per ounce during Asian trading hours, reflecting strong global cues at the start of the week.
GOLD PRICE TODAY: DAILY NEWS (2nd March, 2026)
US-Iran War Started; Both Sides Signal Further Escalation
The United States has reported its first American fatalities in the ongoing conflict with Iran, as tensions between the two countries continue to intensify. The developments come amid indications from both sides that further escalation may occur in the coming days.
The situation follows large-scale missile strikes that reportedly resulted in the death of Iran’s Supreme Leader, Ayatollah Ali Khamenei, along with several senior officials. US President Donald Trump stated that American forces had sunk nine Iranian naval vessels and significantly damaged the country’s naval headquarters, adding that military operations would continue until US objectives are met. Financial markets, particularly oil, are expected to remain volatile despite OPEC+ agreeing to accelerate the pace of oil production increases.
Trump Would Continue Attack on Iran, Even After Khamenei’s Death
US President Donald Trump said the United States would “avenge” the deaths of three American service members and confirmed that combat operations in Iran, which began on Saturday, would continue. The remarks were made in a pre-recorded statement posted on Truth Social on Sunday afternoon. Earlier in the day, speaking to CNBC’s Joe Kernen, Trump said US military operations in Iran were progressing “ahead of schedule.”
The president’s comments came as Iran’s response intensified following joint US-Israeli strikes that reportedly killed Iran’s Supreme Leader, Ayatollah Ali Khamenei. The development marks one of the most significant moments for the Islamic Republic since 1979. The large-scale operation was launched overnight on Saturday after Iran declined US demands to scale back its nuclear programme.
LNG Tankers Divert Routes as Strait of Hormuz
Liquefied natural gas (LNG) tankers scheduled to load cargoes in Qatar and the United Arab Emirates have temporarily suspended their plans, as shipowners and traders increasingly avoid transiting the Strait of Hormuz amid rising geopolitical tensions.
Ship-tracking data compiled by Bloomberg indicates that at least 13 empty LNG tankers positioned on the eastern side of the chokepoint have altered their routes. Several LNG carriers and other vessels halted crossings through the vital waterway over the weekend following the initial US and Israeli strikes on Iran.
US Action Against Iran’s Supreme Leader Casts Shadow Over Upcoming Trump–Xi Summit
The removal of Iran’s Supreme Leader by the United States has heightened concerns over rising tensions between the world’s two largest economies ahead of a planned summit in China. China’s Foreign Minister, Wang Yi, described the strike as “unacceptable” and cautioned that the situation could push the Middle East into the “abyss,” urging an immediate cessation of military action and a return to diplomatic dialogue.
The escalating geopolitical uncertainty is likely to dampen expectations for substantial outcomes from the upcoming meeting between Xi Jinping and Donald Trump, though the summit is still expected to proceed as scheduled in China. Analysts note that the US action against a key Chinese partner, just weeks before the leaders’ meeting, risks adding further strain to already fragile ties between Washington and Beijing.
GOLD PRICE TODAY: EXPERT OPINION
Manoj Kumar Jain, Director Prithvi Finmart, a senior financial market expert, said:
“Gold and silver gained in a highly volatile session amid geopolitical tensions and a sell-off in the U.S. equity markets. Safe-haven buying supported both precious metals. The U.S. and Israel conducted military action against Iran on Saturday, and Iran also retaliated and fired more than 400 missiles on the U.S. army basesin the Middle East. War in the Middle East could further support safe-haven buying for both precious metals.
The dollar index plunged, and the U.S. 10-year bond yields slipped below 4.0% after downbeat U.S. economic data. Crypto markets are also showing weakness and could also support the prices of gold and silver in the upcoming sessions. We are experiencing very high price volatility in both precious metals but silver prices could hold their support level of $84.00 per troy ounce, and gold prices could also hold their support level of $5,122 per troy ounce on a closing basis this week.”
Manoj Kumar Jain View for Today (For Gold and Silver) | 02/03/2026
“We expect gold and silver prices to remain volatile this week amid volatility in the dollar index, US-Iran war, and ahead of the U.S. job data. Gold has support at $5220-5164, while resistance is at $5340-5420 per troy ounce, and silver has support at $90.00-86.80, while resistance is at $98.00-102.00 per troy ounce in today’s session.
At MCX, gold is having support at 160600-158800 and resistance at 164400-167000, while silver is having support at 278000-271000 and resistance at 292000-304000.”
JM Financial View for Today (For Gold) | 02/03/2026
” Gold momentum remains positive till above Supports at 158,000/ 149,900, while on the upside Target’sseen at 175,000/ 188,000 levels.”
JM Financial View for Today (For Silver) | 02/03/2026
“Silver looks for Supports at 253,450/ 225,800, while on the upside. Resistance isseen at 291,400.”
Enrich Money View for Today (For Gold)| 02/03/2026
“MCX Gold has extended its upward trajectory after resolving the prior consolidation range, now trading firmly above the ₹1,60,000 structural pivot. The earlier falling channel resistance has been decisively breached, converting prior supply into short-term support. Price is currently stabilizing near ₹1,62,000 after registering fresh swing highs.The ₹1,59,500–₹1,60,000 zone now acts as immediate demand following breakout acceptance. Momentum structure reflects higher highs and higher lows on the hourly framework,suggesting trend continuation rather than exhaustion. Sustained holding above ₹1,60,000 opens upside potential toward ₹1,63,500–₹1,65,000. Structural invalidation emerges only on a decisive breakdown below ₹1,58,000, which would disrupt the current higher-low sequence”
Enrich Money View for Today (For Silver)| 02/03/2026
“MCX Silver has delivered a strong impulsive breakout, clearing the prior consolidation ceiling and accelerating toward the ₹2,80,000–₹2,85,000 band. The
move reflects momentum-driven participation rather than slow accumulation,
supported by an expanding price range.The ₹2,72,000–₹2,75,000 zone now transitions into a demand base after breakout confirmation. Price action indicates strength with shallow pullbacks, suggesting accumulation on dips. Sustained trade above ₹2,85,000 may trigger continuation toward ₹2,90,000–₹2,95,000. Failure to hold ₹2,72,000 would introduce corrective rotation, but structural weakness becomes relevant only below ₹2,65,000.”
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