Gold Prices ͏Surge on MCX to Record Levels of ͏Rs 1.62 Lakh Amid US-Israel-Iran C͏onflict

M͏um͏bai, Ma͏rch 5, ͏2026: Gold prices rall͏ied on the Multi-Commodity Exchange of India (MCX) as safe-haven buying surged amid rising tension between the United States, Israel and Iran. Prices hit fresh highs before easing͏ slightly as traders booked profits.

The rally came after reports of continued military action and strikes on targets in Iran’s missile and intelligence networks, raising geopolitical uncertainty. Middle East conflicts are still a major impetus for commodity moves as investors look for stability.

Meanwhile, the US Senate struck down proposals to limit the Presidential war powers, maintaining the status quo of military decision-making authority. Precious metals continue to reflect shifting risk sentiment in global markets.

MCX Gold April Futures Hit ₹1,63,142, as Safe Haven Demand Climbs

Gold futures on Multi Commodities Exchange of India surged above Rs 1,63,000 per 10 grams, indicating a rally of more than 1% during the day trade. The metal was supported by higher risk aversion as investors rushed to a safe haven amid ongoing tensions in the Middle East. Prices reached a ͏high of Rs 1,63,142 before cooling off slightly. The rally highlights gold’s traditional role as a hedge in times of economic and geopolitical uncertainty.

Dollar Strength and Profit Booking Curb Precious Metal Gains

The US dollar index climbed 0.20% to 98.98, making dollar-denominated assets more expensive for international buyers. Strength in the greenback, combined with profit booking after recent highs, limited further upside in precious metals.

Market participants also monitored expectations around the Federal Reserve System’s monetary policy, with interest rate decisions remaining a key determinant of commodity trends. The CME Group FedWatch tool indicated expectations of stable rates in the near term, reflecting a cautious stance from policymakers.

Gold Prices in India Decline After Record Highs Despite Global Support

Domestic physical gold markets witnessed a decline despite the futures rally, as investors rushed to book profits after recent record highs. In Delhi, 24 Karat gold prices fell by ₹311 to ₹16,368 per gram, while 22 Karat gold dropped ₹285 to ₹15,095 per gram and 18 Karat gold declined ₹234 to ₹12,353 per gram.

Nationally, 24 Karat gold was quoted at ₹16,451 per gram, down ₹311 from the previous session, while 22 Karat gold slipped to ₹15,080 per gram, marking a decline of ₹285. 18 Karat gold eased to ₹12,338 per gram, lower by ₹234.

The fall reflects profit-booking after gold touched record levels close to ₹1.73 lakh per 10 grams in recent weeks. Over the past week, 24K gold in Delhi has dropped 1.85 per cent, equivalent to a fall of ₹3,110 per 10 grams, indicating a cooling-off period following sharp gains earlier in the year.

24K Gold Plunges ₹85,800 Per 100 Grams in Three Days, 22K and 18K Follow Downward Trend

The domestic bullion market has witnessed a sharp correction from recent peaks, with 24 Karat gold tumbling ₹85,800 per 100 grams over the last three trading sessions. On a bulk basis, 100 grams of 24K gold were valued at ₹16,45,100, registering a correction of ₹31,100 from the previous session alone.

22 Karat gold on a larger scale declined to ₹15,08,000 per 100 grams, showing a sharp drop of ₹28,500, while 18 Karat gold for 100 grams traded at ₹12,33,800, reflecting a decline of ₹23,400 over the last session.

The sustained fall comes even as international gold prices attempt to stabilise above $5,160 per ounce, with the geopolitical situation in the Middle East continuing to influence safe-haven flows in global bullion markets.

City-Wise Gold Rates

Major Indian cities recorded varying gold rates on Thursday, with southern markets commanding a slight premium. Chennai recorded the highest 24 Karat gold rate at ₹16,495 per gram, followed by Delhi at ₹16,368 per gram and Mumbai and Kolkata at ₹16,353 per gram.

For 22 Karat gold, Chennai led at ₹15,120 per gram, while Delhi quoted ₹15,005 per gram and Mumbai and Kolkata stood at ₹14,990 per gram. 18 Karat gold rates followed a similar pattern, with Chennai at ₹13,039 per gram, Delhi at ₹12,280 per gram, and Mumbai and Kolkata at ₹12,265 per gram.

The variations reflect local demand-supply dynamics and regional tax structures, though all cities witnessed a uniform downward trend from previous session levels.