The COMEX gold rate decreased by 2% to $4,780 per ounce. Spot gold fell to $4,792.89 per ounce by 0930 GMT.

Meanwhile, the COMEX silver rate plunged to $78.75 per ounce. Spot silver traded at $79.39 per ounce after losing 1.8%.

This decline comes amid rising geopolitical tensions in the Middle East, which have impacted precious metal prices significantly.

Since the beginning of the US-Iran war in late February, gold has declined roughly 9%. Silver has lost around 14% during the same period.

As of midday, analysts noted that a stronger US dollar negatively affected both gold and silver prices.

Additionally, higher oil prices raised inflation expectations—further pressuring precious metal values.

The current market sentiment remains cautious as investors react to ongoing geopolitical developments.

Details remain unconfirmed regarding potential future impacts on gold and silver pricing trends.

Market observers are closely monitoring these fluctuations for signs of stabilization or further decline.

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On March 6, 2026, gold rates experienced a remarkable increase, gaining $104 per troy ounce on the Comex to reach a high of $5,182. This surge comes against a backdrop of significant economic challenges in the United States, where the labor market showed troubling signs.

The latest employment data revealed that the US economy lost 92,000 jobs in February, a stark contrast to economists’ expectations of a gain of 50,000 jobs. This unexpected downturn has raised concerns about the stability of the labor market, with the unemployment rate climbing to 4.4%.

In response to these economic indicators, gold prices in India also saw a notable rise. The April gold futures contract on the Multi Commodity Exchange (MCX) jumped ₹2,839 per 10 grams, reaching a high of ₹1,62,512. Similarly, gold prices in Delhi are currently around ₹163,020 per 10 grams, reflecting the global trend.

Silver prices have also been affected, with the May silver futures contract strengthening by $3.15 per troy ounce to a high of $85.33. In Delhi’s bullion market, silver prices crossed approximately ₹284,900 per kilogram, indicating a broader trend of rising precious metal values.

Gold is often viewed as a long-term inflation hedge and tends to perform well in low-interest rate environments. As economic uncertainties loom, investors are increasingly turning to gold as a safe haven asset.

Mary Daly, President of the Federal Reserve Bank of San Francisco, commented on the recent employment data, stating, “February’s employment data was disappointing and undermined the notion that the labor market was stabilizing.” This sentiment reflects the growing concerns among economists and market analysts regarding the economic outlook.

As the US–Israel conflict with Iran continues into its seventh day, geopolitical tensions may further influence market dynamics. Donald Trump has stated that there will be “no deal with Iran unless it agrees to ‘unconditional surrender.'” Such developments could add to the volatility in gold and other precious metal markets.

Observers are closely monitoring these economic and geopolitical factors, as they could have significant implications for gold rates and overall market stability in the coming weeks.

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