THEBUSINESSBYTES
BUREAU
NEW
DELHI, MARCH 2, 2026
Precious metals
witnessed a sharp rally in the national capital on Monday, with silver vaulting
to an unprecedented Rs 3 lakh per kilogram and gold inching closer to the Rs
1.73 lakh per 10 grams mark, as investors rushed towards safe-haven assets amid
escalating tensions in the Middle East.
The surge, driven by
heightened geopolitical uncertainty and strong haven demand, saw prices of
bullion rise by as much as 12 per cent in a single trading session, reflecting
nervous sentiment across global financial markets.
According to the All
India Sarafa Association, silver prices skyrocketed by Rs 32,000, registering
an 11.94 per cent jump to Rs 3,00,000 per kg (inclusive of all taxes) from the
previous closing level of Rs 2,68,000 per kg on Friday. The sharp spike
underscores aggressive buying by both investors and stockists anticipating
further volatility in international markets.
Gold, too, posted
significant gains in the bullion segment. The price of the yellow metal of 99.9
per cent purity climbed by Rs 8,100, or 4.92 per cent, to Rs 1,72,800 per 10
grams (inclusive of all taxes), compared with its last close of Rs 1,64,700 per
10 grams in the previous market session.
Market participants
attributed the rally to a flight to safety, a softer risk appetite in equities,
and firm global cues, with bullion emerging as the preferred hedge against
geopolitical risk and currency fluctuations. Traders noted that continued
instability in West Asia could keep precious metal prices elevated in the near
term, with volatility expected to persist across commodity markets.
