Blitz Bureau
NEW DELHI: Gold prices climbed for a fifth straight day in the global markets on March 3 amid escalating conflict in the Middle East and a spike in energy prices. MCX gold April futures gained 2.53 per cent to Rs 1,66,199 per 10 grams on Monday, while MCX silver May futures eased 0.90 per cent to Rs 2,80,090 per kg.
India’s Multi Commodity Exchange will remain closed for the first half of trading on March 3 for Holi, with evening trading resuming at 5 pm. Tensions in West Asia pushed investors toward safe‑haven assets and raised concerns about inflation in the US and about the Federal Reserve leaving interest rates unchanged for longer.
Spot gold rose 0.8 per cent to $5,360 an ounce, while US gold futures gained roughly 1 per cent and spot silver advanced about 1.9 per cent to $91.11 an ounce. The dollar index surged 0.19 per cent to 98.57, making greenback-backed bullion expensive for buyers in overseas currencies, capping further gains in the yellow metal.
US President Donald Trump said the military offensive against Iran will continue for as long as it takes. Tehran reportedly targeted oil and gas infrastructure in Saudi Arabia and threatened shipping in the strategic Strait of Hormuz. Meanwhile, Israel announced a “wave of strikes” targeting Iran’s command centres. Iran’s retaliatory strikes on oil and gas facilities have heightened fears of supply disruption, lifting oil prices and stoking inflation worries.
US crude futures rose 1.4 per cent to $72.23. Brent crude gained 1.87 per cent to trade at $79.2 per barrel in early session on Tuesday.
