Gold Price Latest: Gold prices skyrocket as US-Israeli strikes on Iran trigger safe-haven rush. International spot gold hits $5,299/oz. Indian 24K gold jumps to ₹1,64,730/10g. Check city-wise rates & market analysis.
Gold Price Latest Amid US-Iran Tensions (Image: File)
Gold Price Today, 28 February 2026: Gold prices skyrocketed globally and in domestic markets on Saturday as geopolitical tensions in the Middle East erupted following US and Israeli strikes on Iranian targets. The abrupt increase prompted strong safe-haven buying, pushing Indian rates to ₹1.64 lakh per 10 grams—a one-day increase of more than ₹3,100—and international spot gold prices beyond $5,300 per ounce.
As geopolitical risks flared on February 28, the global gold market saw a significant surge. Spot gold reached an intraday high of $5,299.00 before rising 1.75% to trade at about $5,278.05 an ounce. Since the January record highs, the rise is among the biggest one-day advances.
| Metric | Value |
|---|---|
| Spot Gold | $5,278.05 per ounce |
| Intraday High | $5,299.00 |
| Daily Change | +1.75% |
| Monthly Trend | -2.6% (correction from January peak) |
| Yearly Change | +84% from February 2025 |
Indian gold rates followed the global rally, with prices surging for the second consecutive day. The domestic market saw a sharp increase of approximately ₹316 per gram across all purities.
| Purity | Price per 1 Gram | Price per 10 Grams | Daily Change |
|---|---|---|---|
| 24K (Pure Gold) | ₹16,473 | ₹1,64,730 | +₹316 / gram |
| 22K (Jewellery Gold) | ₹15,100 | ₹1,51,000 | +₹290 / gram |
| 18K Gold | ₹12,355 | ₹1,23,550 | +₹237 / gram |
MCX Futures: Gold futures for the April 2026 contract are trading near ₹1,56,120 per 10 grams, reflecting strong bullish momentum.
Rates vary marginally across cities due to local taxes and transportation costs. Chennai continues to command a premium over other metros.
| City | 24K (10g) | 22K (10g) | 18K (10g) |
|---|---|---|---|
| Chennai | ₹1,69,640 | ₹1,55,500 | ₹1,27,250 |
| Mumbai | ₹1,64,730 | ₹1,51,000 | ₹1,23,550 |
| Delhi | ₹1,64,860 | ₹1,51,120 | ₹1,23,650 |
| Kolkata | ₹1,64,730 | ₹1,51,000 | ₹1,23,550 |
| Bengaluru | ₹1,64,730 | ₹1,51,000 | ₹1,23,550 |
| Hyderabad | ₹1,64,730 | ₹1,51,000 | ₹1,23,550 |
| Ahmedabad | ₹1,64,830 | ₹1,51,090 | ₹1,23,620 |
Note: All physical gold purchases in India are subject to 3% GST over and above these rates.
| Time | Price (USD) |
|---|---|
| 27 Feb, 3:00 pm | $5,201 |
| 27 Feb, 8:00 pm | $5,245 |
| 28 Feb, 1:00 am | $5,265 |
| 28 Feb, 6:00 am | $5,282 |
| 28 Feb, 10:28 am IST | $5,247.90 |
Silver prices also surged sharply amid the geopolitical tensions, recording even stronger percentage gains than gold.
| Gram | Today | Yesterday | Change |
|---|---|---|---|
| 1 | ₹16,473 | ₹16,157 | + ₹316 |
| 8 | ₹1,31,784 | ₹1,29,256 | + ₹2,528 |
| 10 | ₹1,64,730 | ₹1,61,570 | + ₹3,160 |
| 100 | ₹16,47,300 | ₹16,15,700 | + ₹31,600 |
| Gram | Today | Yesterday | Change |
|---|---|---|---|
| 1 | ₹15,100 | ₹14,810 | + ₹290 |
| 8 | ₹1,20,800 | ₹1,18,480 | + ₹2,320 |
| 10 | ₹1,51,000 | ₹1,48,100 | + ₹2,900 |
| 100 | ₹15,10,000 | ₹14,81,000 | + ₹29,000 |
| Gram | Today | Yesterday | Change |
|---|---|---|---|
| 1 | ₹12,355 | ₹12,118 | + ₹237 |
| 8 | ₹98,840 | ₹96,944 | + ₹1,896 |
| 10 | ₹1,23,550 | ₹1,21,180 | + ₹2,370 |
| 100 | ₹12,35,500 | ₹12,11,800 | + ₹23,700 |
The rally was sparked by US and Israeli strikes on Iranian targets, sharply escalating Middle East tensions and triggering an immediate flight to gold as a safe haven. This geopolitical shock was reinforced by strong technical momentum after gold broke above ₹16,000 on February 24, alongside an already supportive backdrop of hot inflation data and rising US trade protectionism. The shift of investors from AI stocks to long-duration assets provided additional strength, and the quick short covering by negative traders sped up the increase even more.
The geopolitical escalation strengthens gold’s already bullish technical structure. With prices at ₹1.64 lakh per 10g—just ₹20,000 below the January record of ₹1.84 lakh—the metal is positioned for a potential retest of all-time highs if tensions continue. ₹1.60 lakh is the immediate support level, ₹1.70 lakh is the resistance level, and ₹1.84 lakh is the January peak. For investors, SIPs in gold ETFs or digital gold offer a disciplined way to ride the uptrend while reducing timing risk.
