On a Thursday morning in March 2026, gold and silver futures on the Multi Commodity Exchange in Mumbai rose as the US-Israel-Iran war pushed investors toward assets that have long been trusted in uncertain times. The rally did not hold, and by the close of the session profit-taking had handed back most of the early gains, a familiar rhythm in which fear buys and then, once the first surge is spent, the market quietly sells. Whether this pause becomes a lasting shelter or a passing flicker will depend on a war whose course no trading screen can yet foresee.
Gold and Silver Whipsaw on MCX as Safe-Haven Buying Meets Profit-Taking Amid US-Israel-Iran War
On a Thursday morning in March 2026, gold and silver futures on the Multi Commodity Exchange in Mumbai rose as the US-Israel-Iran war pushed investors toward assets that have long been trusted in uncertain times. The rally did not hold, and by the close of the session profit-taking had handed back most of the early gains, a familiar rhythm in which fear buys and then, once the first surge is spent, the market quietly sells. Whether this pause becomes a lasting shelter or a passing flicker will depend on a war whose course no trading screen can yet foresee.
On the morning of Thursday, March 5, 2026, gold futures on the Multi Commodity Exchange in Mumbai opened higher as the US-Israel-Iran war continued and investors sought the steady ground that safe-haven assets offer. The April gold contract began the session at Rs 1,62,750 per 10 grams, up nearly one per cent from the previous close.
The optimism did not last. Gold touched a high of Rs 1,63,142 before profit-taking set in, and the contract slid to Rs 1,60,530, falling back beneath the Rs 1.61 lakh mark. Those who bought into the early rally found sellers waiting at the top.
Silver moved far more sharply. After opening near Rs 2,70,000 and climbing to Rs 2,74,251, it reversed hard and dropped to Rs 2,57,992, a swing of more than six per cent from the peak.
Abroad, COMEX and spot gold held firmer, both trading near USD 5,165 per ounce. Retail prices in Delhi, Mumbai, Kolkata and Chennai stayed elevated, with Chennai the dearest of the four.
The session's pattern, a rush toward safety followed by selling at the highs, leaves the next move in the hands of events far beyond the trading floor. Whether these metals can hold their gains depends on how the Middle East conflict develops.
On the morning of Thursday, March 5, 2026, gold futures on the Multi Commodity Exchange in Mumbai opened higher, then spent the session giving most of that gain back. The April 2 gold contract started at Rs 1,62,750 per 10 grams, up Rs 1,225 or 0.75 per cent from the previous close of Rs 1,61,535. Investors were reaching for safe-haven assets as the US-Israel-Iran war continued.
The climb did not last. Gold rose to a high of Rs 1,63,142, a gain of Rs 1,617 or 1 per cent on the day. Profit booking then set in at those higher levels, and the contract slid to a low of Rs 1,60,530. That is Rs 2,612 below the session peak, and it left the metal under the Rs 1.61 lakh mark. Traders who bought the early rally were, in effect, met by others selling into it.
The June 2026 gold contract told a similar story from a higher base. It traded at Rs 1,65,410 per 10 grams, down Rs 180 or 0.11 per cent, on turnover of 1,761 lots.
Silver moved more sharply. The futures contract maturing on May 5, 2026 opened at Rs 2,69,900, a jump of Rs 4,340 or 1.63 per cent from the previous close of Rs 2,65,560. It went on to a high of Rs 2,74,251, up Rs 8,691 or 3.27 per cent. Then it reversed hard, falling to a low of Rs 2,57,992. That is a drop of Rs 16,259, or 6.12 per cent, from the day's high, a far wider swing than gold's.
Abroad, the picture was steadier. COMEX gold was up 0.59 per cent at roughly USD 5,165 per troy ounce. Spot gold at 12:30 pm was also USD 5,165 per ounce, higher by USD 30.3 or 0.59 per cent.
Retail prices across the major cities reflected the elevated levels. In Delhi, 24-carat gold was quoted at Rs 1,63,680 per 10 grams and 22-carat at Rs 1,50,000. Mumbai and Kolkata both stood at Rs 1,63,530 for 24-carat and Rs 1,49,900 for 22-carat. Chennai was the dearest of the four, at Rs 1,64,950 for 24-carat and Rs 1,51,200 for 22-carat.
Silver was quoted at Rs 2,85,000 per kg in Delhi, Mumbai and Kolkata, and Rs 2,95,000 in Chennai.
The day's pattern, an early rush toward safety followed by selling at the highs, leaves the next move tied to events outside the market. Whether precious metals can hold their gains will depend on how the Middle East conflict develops.
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