Gold and silver prices witnessed heightened volatility
Gaurav Garg,
Research Analyst,
Lemonn Markets Desk
Mumbai, March 5, 2026: Gold and silver prices witnessed heightened volatility on March 5 as strong safe-haven demand triggered by escalating US-Israel-Iran geopolitical tensions was countered by sharp profit-booking at elevated levels. On the MCX, gold traded near Rs1,61,600 per 10 grams after touching an intraday high of Rs1,63,142, while silver slipped about 0.44% to around Rs2,64,380 per kg after correcting nearly Rs14,000 from its morning peak of Rs2,74,251. Internationally, spot gold hovered near $5,173 per ounce and silver struggled to hold above $83 per ounce.
The sharp intraday pullback reflects traders locking in gains after gold rallied nearly 20% year-to-date and silver touched fresh 2026 highs. Meanwhile, a stronger US dollar, expectations around potential global tariffs, and developments around the nomination of Kevin Warsh as the next Federal Reserve Chair are also influencing sentiment in bullion markets.
Technically, gold is witnessing strong buying interest in the $5,100–$5,200 range, while silver faces immediate resistance near Rs2,77,800, with broader bullish momentum likely to persist if geopolitical uncertainties remain elevated.
