Gold And Silver Prices Rise On MCX Amid Weak U.S. Dollar And Escalating West Asia Tensions

Gold and silver prices increased on the Multi-Commodity Exchange (MCX) on March 6, 2026, as a weaker U.S. dollar and rising geopolitical tensions in West Asia boosted demand for precious metals.

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According to MCX data, gold April futures rose about 1% to ₹1,61,250 per 10 grams in morning trade. Silver prices recorded stronger gains, with the silver May contract climbing nearly 2.6% to ₹2,68,991 per kilogram.

Internationally, spot gold was largely steady at $5,076.09 per ounce as of 01:16 GMT, while U.S. gold futures for April delivery edged up 0.1% to $5,084.50 per ounce, according to market data. Spot silver increased 0.1% to $82.26 per ounce. Among other precious metals, platinum gained 0.1% to $2,124.05 per ounce, and palladium rose 1.1% to $1,639.78 per ounce.

Weak U.S. Dollar Supports Precious Metals

A decline in the U.S. dollar provided additional support to bullion prices. The dollar index fell about 0.40% to 98.94, according to market data. A weaker dollar typically makes dollar-denominated commodities such as gold and silver more affordable for buyers using other currencies, supporting demand in global markets.

Market participants are also monitoring developments in the U.S. labour market. Initial jobless claims in the United States remained unchanged at 2,13,000 for the week ending February 28, according to data released by the U.S. Department of Labor. The data indicated continued stability in the labour market.

Geopolitical Tensions Increase Safe-Haven Demand

Precious metals also drew support from rising geopolitical tensions in West Asia. The joint military campaign by the United States and Israel against Iran has entered its seventh day, sparking concerns about the overall impact on the global energy supply chain and financial markets, which was highlighted on March 6.

The news of the attacks on the facilities, the buildup of troops, and also the military activities in the region has resulted in the energy markets being tense, leading to the increase in the prices of crude oil. This has raised worries about supply chain risks, which could affect inflation and, in turn, the demand for safe-haven assets like gold and silver.

Besides the geopolitical tensions, investors are also awaiting the employment data from the United States, which is scheduled to be released on March 6. The report is likely to give more details about the state of the job market and the economy's growth.

Expectations around the U.S. Federal Reserve’s monetary policy remain in focus, with market participants widely anticipating that the central bank may keep interest rates unchanged at its policy meeting scheduled for March 18, according to the CME Group’s FedWatch tool.

The movement in precious metal prices reflects ongoing global economic and geopolitical developments, with investors tracking currency movements, labour market data, and developments in West Asia that may influence commodity markets in the near term.