Gold up, war fears spur safe-haven buying

MG News | March 05, 2026 at 10:29 AM GMT+05:00

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March 05, 2026 (MLN): Gold prices climbed on Thursday as escalating tensions in the Middle East pushed investors toward safe-haven assets, while a weaker U.S. dollar further supported bullion demand.

Currently, spot gold is up 1.06% to $5,173.12 an ounce as of [10:25 am] PST, according to data reported by Mettis Global.

The U.S. dollar retreated after touching a more than three-month high earlier this week, making dollar-denominated gold cheaper for buyers using other currencies, CNBC reported

Geopolitical tensions intensified on Wednesday as the conflict between the United States and Iran expanded..

Gold, widely regarded as a safe-haven asset during periods of uncertainty, has surged roughly 20% since the start of the year, repeatedly setting new record highs amid rising geopolitical and economic risks.

Among other precious metals, spot silver advanced 1.3% to $84.50 per ounce, platinum rose 1.6% to $2,183.44, while palladium held steady at $1,674.89.

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