Gold, Silver Surge As Iran Conflict Deepens, Check Prices In Your City

As hostilities deepened in West Asia following coordinated strikes by the United States and Israel on Iran over the weekend, investors moved swiftly into bullion. With risk appetite shrinking, funds were pulled out of equities and other volatile assets and parked into traditional hedges such as gold and silver in international markets. The shift has been visible in domestic as well as international prices. According to the Multi Commodity Exchange website, gold was up by 2.87% at 9:10 am on Monday, while silver recorded a 2.99% jump.

Gold, Silver Surge In India

In the physical market, gold prices in India climbed sharply on Monday. The price of gold rose to Rs 1,73,090 per 10 grams, up from Rs 1,62,490 in the previous session. Silver followed suit, rising to Rs 2,94,900 per kilogram from Rs 2,82,140 on Friday (February 27), according to data from the Bullions website.

The rally reflects heightened geopolitical anxiety after Tehran responded to the strikes with multiple waves of missile attacks across the region. Among the developments reported over the weekend was the death of Iran's Supreme Leader, Ali Khamenei, on the opening day of the offensive. Iran's retaliatory strikes targeted locations in Israel as well as US military facilities in Qatar, the United Arab Emirates, Kuwait and Bahrain, raising concerns of a broader regional escalation.

Beyond the immediate conflict, gold's sustained uptrend in recent months has also been supported by shifting global diplomatic alignments under US President Donald Trump, alongside persistent economic uncertainty.

Supply Concerns Add To Pressure

Supply-side disruptions may compound the price momentum. According to a report by Reuters, physical gold shipments from Dubai -- a key bullion trading hub and a major supplier to India -- are likely to be curtailed in the coming days due to flight cancellations linked to the tensions.

Gold imports typically move by air because of security and insurance constraints. Any prolonged disruption in air traffic could tighten supplies in the domestic market, adding to volatility in prices.

Gold Rates Across Cities (Per Gram)

City | 24K Gold | 22K Gold | 18K Gold
Chennai | Rs 17,210 | Rs 15,776 | Rs 13,501
Mumbai | Rs 17,309 | Rs 15,866 | Rs 12,982
Delhi | Rs 17,324 | Rs 15,881 | Rs 12,997
Kolkata | Rs 17,309 | Rs 15,866 | Rs 12,982
Bangalore | Rs 17,309 | Rs 15,866 | Rs 12,982
Hyderabad | Rs 17,309 | Rs 15,866 | Rs 12,982
Kerala | Rs 17,309 | Rs 15,866 | Rs 12,982
Pune | Rs 17,309 | Rs 15,866 | Rs 12,982
Vadodara | Rs 17,314 | Rs 15,871 | Rs 12,987
Ahmedabad | Rs 17,314 | Rs 15,871 | Rs 12,987

Silver Rates (Per kg)

Mumbai: Rs 2,81,630
Delhi: Rs 2,81,140
Bengaluru: Rs 2,81,850
Chennai: Rs 2,82,450
Hyderabad: Rs 2,82,080
Kolkata: Rs 2,81,260

Gold, Silver In International Markets

Bullion prices also firmed overseas. Spot gold advanced as much as 2 per cent in early trade on Monday, reaching $5,368.09 an ounce at 0010 GMT -- its highest level in over four weeks. US gold futures gained 2.58% to $5,382.60 per ounce.

Silver tracked the move, with spot prices rising 1.68% to $95.35 an ounce.

The combination of military escalation, uncertainty over the durability of diplomatic channels, and potential supply bottlenecks has reinforced bullion's appeal as a defensive allocation. For now, traders are bracing for further volatility as events unfold across the Gulf.