Gold Rises Nearly 2% To Four-Week High After U.S.–Israel Strikes On Iran

Spot Gold And Futures Advance

Spot gold rose 1.88% to $5,376.44 per ounce as of 06:32 GMT on March 2, after touching its highest level in more than four weeks earlier in the session, according to Reuters data. Bullion had gained as much as 2% during intraday trade. U.S. gold futures increased 2.7% to $5,389.20 per ounce, Reuters reported.

The gains came after the U.S. and Israel hit Iran with new strikes over the weekend. On March 1, Israel started a new wave of attacks on Tehran, and Iran responded by firing more missiles, according to international news reports cited by Reuters. After Iran's Supreme Leader Ayatollah Ali Khamenei was killed, tensions between countries grew even worse.

Dollar Strength Caps Gains

The U.S. dollar index rose 0.27% on March 2, according to Reuters data. When the dollar gets stronger, gold costs more for people who have other currencies. This keeps gold prices from going up as much.

Reuters said that gold, which is usually seen as a safe-haven asset during times of political and economic uncertainty, hit several record highs in 2026 as global tensions rose. The current rally is based on a 64% rise in gold prices in 2025, which was caused by central banks buying gold, exchange-traded funds coming in, and hopes that U.S. monetary policy would become less strict.

Other Precious Metals

Spot silver gained 1.3% to $95 per ounce on March 2, after posting a monthly increase in February, Reuters data showed.

Spot platinum rose 0.8% to $2,383.50 per ounce, while palladium advanced 2.3% to $1,826.59 per ounce.

Separately, data released on February 28 showed that U.S. producer prices increased more than expected in January, indicating potential inflationary pressures, according to official U.S. data cited by Reuters.

With spot gold at $5,376.44 per ounce and U.S. futures at $5,389.20, bullion traded near a four-week high on March 2 as investors reacted to the latest geopolitical developments, according to Reuters market data.