The US–Israel war with Iran has extended into its seventh day as of March 6, 2026. This ongoing conflict has created significant uncertainty in global markets, particularly affecting precious metals like gold and silver. As tensions escalate, investors are flocking to gold as a safe haven, leading to a remarkable surge in prices.

On March 6, gold gained $104 per troy ounce on the Comex, reaching a high of $5,182 per ounce. This increase reflects a broader trend of rising gold prices amid geopolitical instability. In India, the April gold futures contract on the Multi Commodity Exchange (MCX) jumped ₹2,839 per 10 grams, peaking at ₹1,62,512. The surge in gold rates has been accompanied by a significant rise in silver prices as well, with the May silver futures contract strengthening $3.15 per troy ounce to a high of $85.33.

Economic indicators from the United States further complicate the situation. The US economy lost 92,000 jobs in February, contrary to economists’ expectations of a gain of 50,000. This downturn has contributed to an increase in the unemployment rate, which rose to 4.4%. Such economic challenges are likely to drive more investors toward gold as a hedge against instability.

In India, gold prices in Delhi are currently around ₹163,020 per 10 grams, while silver prices have reached approximately ₹284,900 per kilogram. These figures highlight the growing demand for precious metals in times of uncertainty, both in the US and India.

Key political figures have made statements regarding the ongoing conflict. Former President Donald Trump asserted that there would be “no deal with Iran” unless it agrees to “unconditional surrender.” In contrast, Iranian official Abbas Araghchi stated, “My country had no intention of negotiating and was prepared for a ground invasion.” These statements reflect the heightened tensions and the potential for further escalation in the region.

As the conflict continues, observers are closely monitoring the impact of rising oil prices on gold prices, although the relationship between these commodities remains unclear. Additionally, future trends in gold and silver prices amid ongoing geopolitical tensions are uncertain. Details remain unconfirmed.

In summary, the current geopolitical landscape is driving significant fluctuations in gold rates, with investors seeking refuge in precious metals as economic indicators signal instability. The interplay between political developments and market reactions will be critical to watch in the coming days.

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What is causing the fluctuation in Silver prices today?

Current Silver Prices in India

Silver surged nearly 2% to surpass $95 per troy ounce on COMEX, reaching its highest point in more than a month as the demand for safe-haven assets increased.

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Joint military operations conducted by the United States and Israel against Iran heightened tensions, leading to the demise of Ayatollah Ali Khamenei and effectively shutting down the Strait of Hormuz, a critical passage that facilitates approximately 20% of the world’s oil transport and substantial natural gas movement.

Factors Influencing Silver Rates

Forecast for Silver Investors

Jigar Trivedi, a Senior Research Analyst at Indusind Securities, mentioned that the markets are currently anticipating two rate cuts of 25 basis points each this year, fueled by speculation that the recent upheaval might prompt the central bank to relax its monetary policy. He further noted, “MCX Silver May futures are likely to remain high, with Rs 2.84 lakh per kg acting as a resistance level for the time being.”

ALSO READ The implications of US–Israel military actions against Iran are no longer hypothetical: Their impact on gold and oil prices is significant.

Recent Trends in Silver Market

Current Silver Prices in Major Urban Areas (₹ per gram)

City 1 gm(₹) 10 gm(₹) 1000 gm(₹) Ahmedabad 297 ( 14.53 ) 2,965 ( 145.30 ) 296,510 ( 14,530.00 ) Bangalore 297 ( 14.90 ) 2,968 ( 149.00 ) 296,750 ( 14,900.00 ) Chennai 297 ( 14.93 ) 2,974 ( 149.30 ) 297,380 ( 14,930.00 ) Delhi 296 ( 14.87 ) 2,960 ( 148.70 ) 296,010 ( 14,870.00 ) Hyderabad 297 ( 14.91 ) 2,970 ( 149.10 ) 296,990 ( 14,910.00 ) Kolkata 296 ( 14.87 ) 2,961 ( 148.70 ) 296,130 ( 14,870.00 ) Mumbai 297 ( 14.89 ) 2,965 ( 148.90 ) 296,520 ( 14,890.00 ) Pune 297 ( 14.89 ) 2,965 ( 148.90 ) 296,520 ( 14,890.00 ) Surat 297 ( 14.91 ) 2,969 ( 149.10 ) 296,910 ( 14,910.00 ) (Prices may differ among jewelers and regions based on local taxes, making charges, and logistics.

Additional information regarding Silver:

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