(02 Mar 2026, 14:26)

Gold soars above $5400 as war fears grip markets

Gold futures surged nearly $200 to an intraday high of $5,434 per ounce on Monday, moving closer to record levels set in late January, as safe-haven demand spiked after joint strikes by the United States and Israel on Iran over the weekend. The escalation intensified regional risks and disrupted shipping across the Gulf. Bullion rose more than 11% in February, marking its eight consecutive monthly gain—the longest streak since 1973—driven by heightened geopolitical uncertainty and shifting global alliances. In India, MCX gold futures climbed nearly 5% to Rs 169,294 per 10 grams. Silver futures also surged by more than 5% in the local market whereas internationally it rose by nearly 3% at $96 levels. Gains were partially capped by a firmer US dollar, with the dollar index rising above 98 to a five-week high as investors also sought refuge in the greenback amid the escalating conflict.

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Gold soars above $5400 as war fears grip markets