World Gold Prices Surge More Than 1 Per Cent Following US-Israel Strikes on Iran

Global gold prices surged more than 1 per cent during trading on Monday, 2 March 2026, following major strikes by the United States and Israel against Iran.

Spot gold prices rose 1.35 per cent to $5,348.49 per ounce at 23.16 GMT (06.16 WIB), whilst US gold futures contracts jumped 2.2 per cent to $5,362.30 per ounce, according to Reuters.

Israel launched a new wave of attacks on Tehran on Sunday, 1 March 2026, prompting Iran to respond with a series of missile strikes in retaliation. The escalation occurred a day following reports of the death of Iran’s Supreme Leader Ayatollah Ali Khamenei. These developments have triggered considerable uncertainty regarding regional stability and the global economy.

“Gold is possibly the finest barometer for reflecting global uncertainty, and pressures continue to intensify. We can anticipate gold prices reaching new record levels as we enter a new era of geopolitical uncertainty,” stated Norman.

Throughout 2025, gold prices climbed approximately 64 per cent, driven by substantial purchases from central banks, strong inflows into exchange-traded funds (ETFs), and expectations for monetary policy relaxation by the United States.

Last week, J.P. Morgan and Bank of America reiterated their projections that gold prices could breach $6,000 per ounce. J.P. Morgan estimates that demand from central banks and investors could push prices to $6,300 per ounce by the end of 2026.

Data released on Friday indicated that US producer prices rose higher than anticipated in January 2026, signalling potential inflationary pressures in the coming months.

In other precious metals markets, spot silver prices increased 1.21 per cent to $94.95 per ounce following monthly gains in February. Platinum prices strengthened 0.31 per cent to $2,372 per ounce, whilst palladium prices declined 0.35 per cent to $1,779.80 per ounce.