Gold Prices Continue To Climb Ahead (Mar 5), Check 22K & 24K Rates Per Gram In Cities

24K & 22K Gold Price Today: Gold prices climbed on Thursday, while silver also advanced, as escalating tensions in the Middle East pushed investors towards safe-haven assets.

Earlier in the session, bullion prices had surged more sharply, with silver jumping around 3.3 per cent and gold rising over 1 per cent before trimming some gains due to mild profit booking.

Market sentiment was largely influenced by intensifying geopolitical tensions, as the conflict involving the United States, Israel and Iran entered its sixth day. The situation has disrupted key global energy supply routes, raising concerns about inflation and prompting investors to seek refuge in precious metals.

Weakness in the US dollar also supported bullion prices. The dollar index edged up 0.22 per cent to 98.99, after earlier recording its sharpest decline in three weeks as rising oil prices and stronger global equities reduced demand for the safe-haven currency.

Meanwhile, crude oil prices moved higher amid the escalating conflict. Benchmark Brent crude for April delivery on the Intercontinental Exchange was trading at $83.26 per barrel, up about 2.43 per cent from the previous close. West Texas Intermediate (WTI) crude for April delivery on the NYMEX rose 2.63 per cent to $76.63 per barrel.

Geopolitical risks intensified after reports that a US submarine sank an Iranian warship near Sri Lanka, resulting in at least 80 deaths, raising fears of a broader regional escalation.

Analysts said gold has support levels at Rs 1,58,000 and Rs 1,62,000, while resistance is seen at Rs 1,75,000 and Rs 1,80,000. For MCX silver, support lies at Rs 2,50,000 and Rs 2,70,000, with resistance at Rs 3,00,000 and Rs 3,20,000.

Experts added that rising energy prices could push inflation higher and delay potential interest rate cuts by the US Federal Reserve, supporting US Treasury yields in the near term and limiting further gains in precious metals.

Traders noted that Gold Rates in India  climbed, with Gold prices in Delhi and other key metros reflecting the latest jump.

Gold Rates Across Major Cities In India On March 5