Gold Rates Start March With Banger Rally! Why Gold Prices Jumped On March 1 When Market Was Closed? Outlook

Gold rates in India jumped sharply on March 1st, starting the month with a banger. 24 carat gold rates rallied to cross Rs 1.73 lakh mark, while 22 carat and 18 carat gold prices surged to near Rs 1.60 lakh and Rs 1.30 lakh levels. The gains are massive and one factor influenced the rally on Sunday, even when the market was closed at MCX and international exchanges. It is the escalation in the Middle East, where the US and Israel struck Iran with a series of missiles, taking out their key leaders in the process.

Gold Rates In India:

24 carat gold prices surged by Rs 4,370 to Rs 1,73,080 per 10 grams, while it was up by Rs 43,700 to Rs 17,30,800 per 100 grams. Meanwhile, 22 carat gold price rose by Rs 4,020 to Rs 1,58,650 per 10 grams and advanced by a huge Rs 40,200 to Rs 15,68,500 per 100 grams.

In case of 18 carats, the 10 grams gold zoomed by Rs 3,280 to Rs 1,29,810 per 10 grams and 100 grams gold jumped by Rs 32,800 to Rs 12,98,100.

8 grams and 1 gram gold prices were up significantly as well.

Last week, spot gold price surged by 1% to end around $5,220 on Friday, which is near its 2-months high. Notably, MCX gold price closed around Rs 1,61,971 per 10 grams and MCX silver price stood at Rs 2,74,389 per 1kg. Both were down on Friday.

Why Gold Prices Jump Even When Market Was Closed?

The international market and MCX are closed on March 1 due to the Sunday holiday. Hence, the precious metals will react to the February 28th attack on Monday, March 1, 2026. But physical gold prices have already seen a surge in appetite among investors.

The US-Israel duo has launched a series of airstrikes on Iran and its leaders. The latest news is that Iranian supreme leader Ali Hosseini Khamenei was killed. Khamenei has ruled Iran from 1989 to 2026.

Gold is seen as a safe haven for hedging returns amidst turmoil like geopolitical uncertainties. The west Asia is currently witnessing clouds of smokes and heavy bombardments of missiles. There's fire every in major economies of west Asia.

Because in retaliation against US-Israel attacks, Iran targeted the US assets in its neighbouring countries. Hence, Iran launched its own series of missiles in countries like Bahrain, Kuwait, Qatar and the United Arab Emirates, where US has its airbases and other assets.

Meanwhile, Iran's big-time rivals Israel and the US are leading the war.

Gold Rates In Top Cities:

These are gold rates across cities in 1 gram.

City	24K Today	22K Today	18K Today
Chennai	17209	15775	13500
Mumbai	17308	15865	12981
Delhi	17323	15880	12996
Kolkata	17308	15865	12981
Bangalore	17308	15865	12981
Hyderabad	17308	15865	12981
Kerala	17308	15865	12981
Pune	17308	15865	12981
Vadodara	17313	15870	12986
Ahmedabad	17313	15870	12986

Gold Rates Prediction On March 2, 2026:

According to Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, gold prices are expected to be volatile with a gap-up opening on Monday, as the Middle East conflict involving renewed U.S. and Israeli military action against Iran - continues to dominate global risk sentiment.

Explaining in detail, Trivedi said that a sharp escalation in hostilities, with coordinated strikes and retaliatory moves fueling uncertainty and diminishing hopes of a quick diplomatic resolution.

He added, this elevated geopolitical risk can drive investors toward traditional safe-haven assets like gold and silver and widely expecting a gap-up opening for bullion markets."

As global equities and risk assets come under pressure, Trivedi said, capital tends to shift into precious metals, which act as a hedge against uncertainty.

Earlier moves have already pushed gold and silver prices higher in recent sessions, and this momentum could continue if the conflict intensifies further. Energy markets are also responding, with crude oil prices rising on fears of supply disruption through key routes like the Strait of Hormuz, which further adds to risk-off sentiment and supports bullion interest, as per the expert.

However, the impact may not be uniform, as per Trivedi, if over the weekend there are diplomatic developments or indications of de-escalation, precious metals could see profit-taking after an initial spike of 3-6%.

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