Gold prices in India have edged higher on Monday, March 2, 2026, driven by escalating geopolitical tensions in the Middle East. The surge reflects a renewed flight to safety among investors amid heightened uncertainty.
Gold Prices in India: Current Rates
- According to GoodReturns, as of March 2, 2026, 24-karat gold is trading at ₹17,309 per gram (₹1,73,090 per 10 grams), marking a ₹10 increase from the previous day. Similarly, 22-karat gold stands at ₹15,866 per gram (₹1,58,660 per 10 grams), also up ₹10.
- GoldMeter corroborates these figures, reporting 24K at ₹17,309/g and 22K at ₹15,866/g, with respective 10-gram prices of ₹1,73,090 and ₹1,58,660.
- 5paisa provides a slightly varied but consistent update: 24K gold at ₹1,73,080 per 10 grams (up ₹4,370, or +2.59%) and 22K at ₹1,58,650 per 10 grams (up ₹4,020, or +2.60%).
These figures indicate a clear upward trend in domestic gold rates, with increases ranging from ₹10 per gram to over ₹4,000 per 10 grams, depending on the source.
Geopolitical Tensions Fuel Safe-Haven Demand
- On the Multi Commodity Exchange (MCX), gold prices surged by ₹6,000–₹6,700 per 10 grams, pushing the price close to ₹1.68 lakh. This sharp rise is attributed to heightened safe-haven demand following US and Israeli strikes on Iran, which reportedly resulted in the death of Iran’s Supreme Leader, Ali Khamenei.
- NDTV reports that gold in India climbed to ₹1,73,090 per 10 grams from ₹1,62,490 in the previous session—a gain of ₹10,600. Silver also rose to ₹2,94,900 per kilogram from ₹2,82,140.
- Internationally, spot gold reached $5,368.09 per ounce, a four-week high, while US gold futures rose to $5,382.60 per ounce.
These developments underscore the global nature of the rally, with both domestic and international markets reacting sharply to geopolitical instability.
City-Wise Retail Rates
Retail gold prices vary across Indian cities due to local taxes, making charges, and logistical costs:
- NDTV lists 24K gold at ₹17,324 per 10 grams in Delhi, ₹17,309 in Mumbai, and similar rates across other metros.
- GoodReturns provides per-gram city-wise rates: 24K at ₹17,324 in Delhi, ₹17,309 in Mumbai, and ₹17,309 in Bangalore and Hyderabad. 22K rates are ₹15,881 in Delhi and ₹15,866 in other major cities.
- News24Online echoes these figures: 24K at ₹17,324/g in Delhi and ₹17,309/g in Mumbai; 22K at ₹15,881/g in Delhi and ₹15,866/g in Mumbai.
These city-level variations reflect the typical regional pricing differences in India’s gold market.
Global Market Dynamics
- Spot gold rose approximately 1.7% to $5,368.09 per ounce, reaching a four-week high. US gold futures climbed 2.58% to $5,382.60 per ounce.
- Reuters, via Hindustan Times, notes spot gold at $5,329.39 per ounce (up 1%), with futures at $5,342.80. Analysts from J.P. Morgan and Bank of America forecast gold could reach $6,000–$6,300 per ounce by year-end, citing strong central bank demand.
These international trends reinforce the bullish sentiment in India’s domestic gold market.
Key Drivers Behind the Rally
- Geopolitical Escalation: The US-Israel strikes on Iran and the reported death of its Supreme Leader have intensified geopolitical risk, prompting investors to seek safe-haven assets like gold.
- Supply Disruptions: Reports suggest potential disruptions in gold shipments from Dubai—a major supplier to India—due to flight cancellations amid the crisis. This could tighten domestic supply and further elevate prices.
- Weakening Rupee: A softer rupee amplifies the impact of rising international gold prices on domestic rates, making imports costlier.
What This Means for Buyers and Investors
- Retail buyers: Those purchasing gold for weddings or gifting may face higher costs due to the surge. However, investors may view this as an opportunity to hedge against uncertainty.
- Market watchers: Continued geopolitical instability could sustain upward pressure on gold prices. Any easing of tensions or improvement in supply chains may temper the rally.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Gold investments carry risks, including price volatility. Always verify current rates with authorized jewellers and consult a qualified financial advisor before making investment decisions.