Gold prices climbed sharply in early Thursday trading (5 March 2026) on the Multi-Commodity Exchange (MCX). Investors have increased exposure to safe-haven assets amid escalating geopolitical tensions and a softer US dollar. MCX gold April futures rose by over 1% to Rs. 1,63,142 per 10 grams, while MCX silver May futures jumped nearly 2% to Rs. 2,70,501 per kg.
Gold has delivered a strong performance in 2026, rising nearly 20% year-to-date as investors shift toward defensive assets amid economic and political instability.
The price of 24K gold decreased by Rs. 98 in early trade, with ten grams of the precious metal trading at Rs. 1,63,530. The price of 22K gold also declined by Rs. 90, with ten grams of the yellow metal selling at Rs. 1,49,400.
The price of ten grams of 24K gold stood at Rs. 1,63,530 in Mumbai and Kolkata and Rs. 1,64,950 in Chennai. In Delhi, the price of ten grams of 24K gold stood at Rs. 1,63,680.
International bullion prices also moved higher, supporting the upward trend. Spot gold advanced 0.8% to $5,176.69 per ounce, while US gold futures for April delivery climbed about 1% to $5,186.30.
Silver followed a similar trajectory, with spot silver rising 1.2% to $84.43 per ounce.
One of the key drivers behind the rally was the weakening US dollar, which retreated from a three-month high earlier in the week.
The dollar index eased to around 98.82 against a basket of major currencies, making gold priced in dollars more affordable for international investors.
Geopolitically, the US-Iran conflict continues. As per an update from the US Central Command on Wednesday, 4 March 2026, nearly 2,000 targets across Iran, including its ballistic missile hubs, naval assets, and its intelligence services, have been struck by the US and Israel since Operation Epic Fury began.
During such geopolitical stress, gold and silver typically attract capital as investors seek safe assets to preserve value during market instability.
Also Read: Why Is Gold Rising Today? Prices Touch $5,417 as US-Iran War Escalates, Oil Jumps 13%
Internationally, gold is expected to find support at $5,080 and $5,034, while resistance may be at $5,220 and $5,280 per troy ounce. For silver, support is at $80.80 and $76.60, while resistance is at $86.40 and $90.00 per troy ounce.
On the MCX, gold has support at Rs. 1,59,800 and Rs. 1,57,700, and resistance is at Rs. 1,63,200 and Rs. 1,64,400, while silver has support at Rs. 2,61,600 and Rs. 2,55,500, and resistance is at Rs. 2,71,000 and Rs. 2,78,000.