Gold price prediction today: How will gold prices react this week to Middle East tensions? Key levels to watch out
Times of India
by TOI BUSINESS DESKMarch 2, 2026
AI-Generated Deep Dive Summary
Gold prices are expected to remain volatile this week due to escalating tensions in the Middle East, particularly involving the US, Israel, and Iran. According to Manav Modi, Senior Analyst at Motilal Oswal Financial Services Ltd., geopolitical developments and renewed trade uncertainties have already driven gold and silver prices to three-week highs. Last week’s surge was fueled by the US Supreme Court ruling against broad tariffs imposed by former President Donald Trump, which weakened the administration’s emergency trade powers. However, the White House quickly introduced a temporary 10% global tariff, with plans to raise it to 15%, keeping markets on edge and intensifying safe-haven demand for gold.
The situation has been further complicated by US-Iran tensions, which escalated after failed talks in February. Iran retaliated against US actions, including claiming the downing of a US fighter jet near Kuwait and launching attacks at neighboring countries like UAE, Dubai, and Riyadh. Additionally, explosions were reported in Bahrain, Doha, and other regions. Meanwhile, silver prices saw significant inventory drawdowns on COMEX, signaling tighter supply. Although a softer dollar supported bullion prices, gains were capped by the Federal Reserve’s higher-for-longer rate stance and resilient US economic data.
Technically, MCX Gold is in a strong uptrend on the daily chart, trading above key moving averages and hugging the upper Bollinger Band, indicating sustained bullish momentum. The recent breakout above the 1.618 Fibonacci extension zone near ₹1,71,800 suggests potential price movement toward ₹1,75,000–₹1,78,000 in the coming sessions. Immediate resistance is seen at ₹1,70,000–₹1,72,000, while strong support is placed at ₹1,61,800 followed by ₹1,
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Originally published on Times of India on 3/2/2026