Gold Prices Soar 1% Amid US-Iran Tensions (Mar 4), Check 22K & 24K Rates Per Gram In Major Cities

24K & 22K Gold Price Today: Gold prices moved higher on Wednesday, rising over 1 per cent as escalating tensions between the US-Israeli alliance and Iran increased safe-haven demand for precious metals.

On the Multi Commodity Exchange (MCX), gold futures for April delivery climbed 1.04 per cent to Rs 1,62,790 per 10 grams around 11.30 am in intraday trade. Silver futures for May delivery also advanced, gaining 1.84 per cent to Rs 2,70,200 per kg.

Market participants shifted towards safe-haven assets amid rising geopolitical tensions in the Middle East and fears of potential disruptions to energy supplies. At the same time, concerns about persistent inflation in the US have strengthened expectations that the US Federal Reserve could keep interest rates higher for longer.

Despite the gains in bullion prices, exchange-traded funds tracking precious metals saw a sharp decline during the session. Major silver ETFs dropped between 7.12 per cent and 7.43 per cent, while gold ETFs fell in the range of 3 per cent to 3.87 per cent.

In global markets, spot gold rose about 1 per cent to $5,138.46 per ounce, while US gold futures for April delivery increased 0.5 per cent to $5,147.10. Gold has gained nearly 19 per cent so far this year, following a sharp 64 per cent rally in 2025, largely driven by geopolitical uncertainty and strong central bank purchases.

Meanwhile, the dollar index strengthened by 0.15 per cent to 99.20. A stronger US currency tends to limit further gains in bullion as dollar-denominated commodities become more expensive for overseas buyers.

Geopolitical tensions intensified after US President Donald Trump said American forces had targeted several Iranian naval and air assets, while Iran struck key oil infrastructure across the Gulf region. The developments prompted investors to reduce exposure to equities amid concerns over disruptions to global energy supplies and shipping routes.

Oil prices also moved higher. WTI crude rose above $75 per barrel, extending a two-day rally of around 11 per cent, while Brent crude traded close to $81 per barrel as supply risks increased due to the conflict and disruptions in the Strait of Hormuz.

Investors are now watching upcoming US economic data, including Manufacturing and Non-Manufacturing PMI, ADP Non-Farm Employment Change and unemployment figures, for further signals on the Federal Reserve’s policy direction.

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

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 4