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Gold and silver prices in Delhi soar after Iran-Israel war outbreak, with 24-carat gold at Rs 1,75,000 per 10 grams and silver at Rs 3,00,000 per kg amid risk-hedge demand.
Gold & Silver Prices Today.
Gold, Silver Prices Today: Physical bullion prices in Delhi have jumped sharply over the weekend after the outbreak of the Iran-Israel war triggered a global flight to safety, with the physical bullion market seeing tight supply in local markets.
In the national capital, 24-carat gold was quoted at Rs 1,75,000 per 10 grams on February 28, marking a steep spike from Friday’s official closing level. Based on standard conversion, this implies 22-carat gold around Rs 1,60,400 and 18-carat gold near Rs 1,31,300 per 10 grams, reflecting the sharp surge in risk-hedge demand.
Silver prices also surged, with pure silver quoted at Rs 3,00,000 per kilogram in the physical market, significantly higher than the last reported benchmark level.
These are physical market prices in Delhi as India’s MCX remains closed on weekends in India. Global bullion markets are also closed.
Gold Prices: Sharp Jump From Last Day
According to the All India Sarafa Association, gold prices in Delhi had already climbed Rs 1,800 on Friday to close at Rs 1,64,700 per 10 grams, while silver stood at Rs 2,68,000 per kg. The latest weekend quotes therefore indicate a substantial premium developing in physical markets as traders price in geopolitical risk.
Since international bullion markets and India’s MCX remain shut due to the weekend, physical markets often act as early indicators of sentiment during major global events. Dealers said the bullion price accelerated after news of missile exchanges between Iran, and Israel intensified fears of a broader regional conflict.
War Premium Driving Bullion Demand
Nachiketa Sawrikar, fund manager at Artha Bharat Global Multiplier Fund, believes the geopolitical escalation could intensify flows into defensive assets like gold and silver.
“A USA and Israel attack on Iran would likely trigger broad selling of risky assets across both the developed and emerging markets. We would expect the ongoing rally in USA Treasuries, oil, gold, and silver to extend,” Sawrikar said.
Typically, this pattern is observed during geopolitical shocks, when investors reduce exposure to equities and rotate capital toward commodities like gold and silver and sovereign debt.
Global Signals Mixed Before Weekend
Before markets closed internationally, spot silver had gained 1.6% to $89.72 per ounce, while gold traded slightly lower at $5,172.17 per ounce. Analysts noted that bullion prices were consolidating earlier as traders weighed macroeconomic signals against geopolitical tensions, but the outbreak of open conflict has materially shifted sentiment toward safe-haven assets.
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March 01, 2026, 06:35 IST
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