Gold Rates & Silver Rates Today Live: MCX Gold Extend Gains, Silver Above Rs 2.91 Lakh; 24K, 22K, 18K Gold

Gold rates and silver rates in India zoomed on March 2, with MCX gold price and silver price rising by around 3% each. This is a bullish start to the month of March. The performance tracked the spot gold price, which climbed by 2% to trade around the $5,370 per ounce level, which takes the bullion to a one-month high. Spot silver also gained significantly to trade near $96 per ounce.

The war between the US and Israel versus Iran has kaboomed in the Middle East. Major commanding leaders of the Islamic Republic country have been wiped out, with supreme leader Ali Khamenei being the most prominent death during the weekend. The Strait of Hormuz, one of the world's most strategically important choke points for global oil and gas trade, is back in the limelight.

Meanwhile, six other countries are pulled into the war as Iran bombards Israel, Jordan, Qatar, Kuwait, Oman, Bahrain and the UAE. Amidst the tensions, the United Arab Emirates (UAE) has declared a stock market holiday for two days. Also, Hezbollah has joined Iran to attack Israel.

The geopolitical risks globally makes precious metals attractive.

Furthermore, as per Trading Economics, in the US, data on Friday showed producer prices rose more than expected in January, suggesting companies are passing tariff costs to consumers and complicating the path for Federal Reserve rate cuts. Markets are still pricing in two 25-basis-point rate cuts this year amid speculation that recent turmoil could push the central bank to ease monetary policy.

Credit: Goodreturns