Gold Tops ₹1.62 Lakh as Middle East War Fuels Safe-Haven Demand
Silver jumps nearly 2%; bullion rises amid geopolitical tensions
- Gold rises to around ₹1.62 lakh per 10 grams on MCX
- Silver jumps nearly 2% to ₹2.70 lakh per kg
- Middle East conflict boosts safe-haven demand for bullion
- Chennai records highest gold price among major Indian cities
GG News Bureau
Mumbai, 5th March: Gold and silver prices in India moved higher on Thursday as geopolitical tensions in West Asia continued to support safe-haven demand for precious metals.
On the Multi Commodity Exchange (MCX), gold futures rose nearly 0.67 percent to ₹1,62,600 per 10 grams of 24-carat purity, while silver surged around 1.9 percent to ₹2,70,596 per kilogram.
According to bullion market data, gold in the physical market was trading at around ₹1,62,100 per 10 grams, while silver was quoted near ₹2,66,360 per kg.
International prices also remained firm. Spot gold climbed about 0.5 percent to $5,164.57 an ounce in early Singapore trade, while silver rose 0.5 percent to $83.98 an ounce, extending gains from the previous session.
City-wise gold prices
Among major Indian cities, Chennai recorded the highest gold price for 24-carat purity at ₹1,62,280 per 10 grams. Hyderabad followed at ₹1,62,070, while Bengaluru quoted ₹1,61,940.
In Mumbai, gold was priced at ₹1,61,810 per 10 grams, Kolkata at ₹1,61,600 and Delhi at ₹1,61,530.
Gold prices (per 10 grams):
- Mumbai: ₹1,61,810
- Delhi: ₹1,61,530
- Bengaluru: ₹1,61,940
- Chennai: ₹1,62,280
- Hyderabad: ₹1,62,070
- Kolkata: ₹1,61,600
Silver prices firm across cities
Silver also strengthened across major markets, with Chennai quoting the highest rate at ₹2,66,650 per kilogram. Hyderabad followed at ₹2,66,300 and Bengaluru at ₹2,66,090.
Mumbai reported silver at ₹2,65,880 per kg, Delhi at ₹2,65,420 and Kolkata at ₹2,65,530.
Silver prices (per kg):
- Mumbai: ₹2,65,880
- Delhi: ₹2,65,420
- Bengaluru: ₹2,66,090
- Chennai: ₹2,66,650
- Hyderabad: ₹2,66,300
- Kolkata: ₹2,65,530
Market analysts said precious metals typically gain during periods of geopolitical stress and financial uncertainty as investors seek safer assets to hedge risks.
Gold, in particular, has historically acted as a store of value during currency volatility, inflationary pressures and global conflicts, making it a preferred safe-haven investment during turbulent times.
