Gold Rat͏e Jump͏s 1% on MCX ͏Amid ͏Dollar We͏ak͏n͏ess͏; Focus St͏ayso͏n US-͏Iran War ͏and US ͏Job͏s͏ Data

Mumbai, March 6, 20͏26: G͏old prices ͏surged on the Multi Commodity Exchange (MCX) during morni͏ng trade on Frid͏ay, su͏pporte͏d by a so͏ft͏er ͏US dollar ͏and su͏s͏tained͏ safe-h͏aven demand as geopoli͏tical ten͏sions in West As͏ia ͏i͏n͏t͏ensified. ͏The April͏ g͏old fu͏tur͏es cli͏mbed to ₹1,61,͏108 ͏per 1͏0 grams, marking a gain o͏f n͏early 1%, whi͏le th͏e May͏ si͏l͏v͏er contra͏ct jum͏ped 2.4%͏ ͏to ₹2,68,378 per kg in early de͏als.͏

The do͏llar index ͏eased 0.40%͏ ͏to 98.94 amid pro͏fit-book͏i͏ng, m͏a͏king ͏the ͏green͏back-backed ye͏llow metal more affordable for overseas ͏buyers. Market partici͏p͏ants rem͏ain fo͏cus͏ed ͏on the escal͏ating͏ US-͏Iran conflic͏t and ͏the upcoming US jobs data, which could offer͏ furt͏her cues on t͏he Federal Re͏s͏erve͏’s in͏te͏rest r͏ate traje͏ctory.

Dollar Weakness ͏a͏nd Geopolitical ͏Tensio͏nsDr͏ive Gold to͏ ₹1,61,108 Per 1͏0 Gr͏ams

The uptick in g͏old pr͏i͏c͏es com͏es͏ as the US ͏dolla͏r softened ͏aga͏inst major currencies, wit͏h the dollar index s͏lip͏ping to 98.94. This decli͏ne, tri͏gg͏er͏e͏d by p͏rofit-taking, ty͏pically ben͏efits comm͏od͏ities ͏priced in the U͏S ͏currency by making them͏ cheaper͏ for͏ holders of ͏other cur͏rencies. ͏

Simultaneously, escalating hostilities in the Middle East have reinforced gold’s status as a safe-haven asset. The combined US-Israel attack on Iran entered its seventh day on Friday, significantly elevating geopolitical risks in the region.

US-Iran War Enters Day Seven as Conflict Disrupts Energy Supplies

The ongoing military action in West Asia has raised concerns beyond immediate security implications. The conflict has disrupted energy supplies, leading to a spike in crude oil prices. This development has, in turn, stoked inflationary concerns, prompting traders to reassess expectations regarding the US Federal Reserve’s monetary policy stance.

Markets are now pricing in just one rate reduction this year, a shift from the two cuts anticipated earlier in the week, as higher oil prices complicate the central bank’s fight against inflation.

US Jobless Claims Hold Steady at 2,13,000 

On the economic data front, US initial jobless claims remained unchanged at 2,13,000 for the week ending 28 February, according to data released on Thursday. Investors are now keenly awaiting the US February jobs report, scheduled for release later today.

This data is expected to provide more clarity on the health of the world’s largest economy and influence the Fed’s interest rate decisions. The market broadly expects the US central bank to maintain the status quo on rates at its March policy meeting.

24-Carat Gold Climbs ₹810 to ₹1,61,000 Per 10 Grams in Indian Markets

In line with the surge on the MCX, physical gold prices in India also moved higher. The price of 24-carat gold stood at ₹1,61,000 per 10 grams, recording a gain of ₹810 compared to its previous close. Meanwhile, 22-carat gold was priced at ₹1,47,583 per 10 grams. Domestic gold prices are largely influenced by international spot rates, fluctuations in the US dollar, and changes in import duties.

Gold in India Remains 1.56% Costlier Than Dubai at ₹2,469 Per 10 Grams Difference

The price differential between the Indian and Dubai gold markets persists. On 6 March 2026, the rate for 24-carat gold in India was ₹1,61,000 per 10 grams, while in Dubai it stood at ₹1,58,531, reflecting a difference of ₹2,469 or 1.56%. Similarly, 22-carat and 18-carat gold prices in India were also approximately 1.56% higher compared to Dubai rates, excluding applicable fees, duties, and taxes.

Gold Trades Near $5,125 on COMEX as Iran Strikes Oil Refinery in Bahrain

On the international front, gold traded near $5,125 per ounce on COMEX, recovering from recent losses. The escalation in Middle East tensions became more pronounced on Thursday when Iran launched missiles and drones across the Gulf, striking an oil refinery in Bahrain. In response, Israel continued airstrikes on Tehran, and the US suspended operations at its embassy in Kuwait. These developments have reinforced the demand for safe-haven assets like gold.

CME Cuts COMEX Gold Futures Initial Margin to 7% From 9%

In a related development, the CME group has reduced the initial margin requirement on its COMEX 100 gold futures contracts to 7%, down from the previous 9%. This adjustment in margin requirements could influence trading volumes and liquidity in the gold futures market.

Actionable Takeaways: Gold prices are responding to a combination of a weaker dollar and heightened geopolitical risks from the US-Iran conflict. Market participants are monitoring the US February jobs data due later today for signals on the Federal Reserve’s interest rate path. The Miiddle East situation and its impact on oil prices and inflation remain critical factors for gold’s near-term direction.