Gold Rate Today (2 Mar 2026): IBJA Rates Up, Tanishq, Kalyan, Malabar, Joyalukkas Prices Rise Amid Iran War

Gold prices in India opened the week on a volatile note on Monday, March 2, as global uncertainty triggered fresh safe-haven buying. The ongoing West Asia conflict has sharply altered investor sentiment across commodities, pushing bullion into focus while equity markets struggle to find direction.

Traders say the current movement is not a short-term spike but part of a wider trend tied to geopolitical risk, currency pressure and oil price anxiety.

Domestic jewellers have also adjusted retail prices in line with global cues. With investors rushing toward safety, bullion demand has risen in both physical and paper markets, keeping gold elevated and silver highly reactive.

Why the Middle East war is moving gold in India

Gold historically strengthens during geopolitical crises and the present confrontation is behaving exactly like a textbook safe-haven cycle. Every escalation, missile strike, retaliation warning or disruption threat in the region immediately reflects in international bullion futures. India, which imports most of its gold, automatically sees price changes through global benchmarks and a weaker rupee against the US dollar.

The conflict has added three simultaneous pressures:

• Fear of wider regional war
• Surge in crude oil prices, raising inflation concerns
• Flight of global capital into safe assets

When inflation expectations rise, central banks become cautious about interest-rate cuts. Higher inflation plus global instability is considered the most supportive environment for gold. Analysts now believe volatility may persist for months rather than weeks because the confrontation is shifting from a single strike episode into a prolonged strategic standoff.

Silver, which tracks both industrial demand and safe-haven flows, is moving even faster than gold. Any supply shock linked to energy markets tends to push silver sharply in either direction.

IBJA gold and silver benchmark rates

According to the Indian Bullion and Jewellers Association (IBJA), the official reference rates for the day are:

• Gold (999 purity, 24K): ₹16,249 per gram
• Gold (22K): ₹14,895 per gram
• Gold (20K): ₹ 13,541 per gram
• Gold (18K): ₹12,187 per gram
• Gold (14K): ₹9,479 per gram

IBJA rates act as the base benchmark for jewellers across India. Retail store prices differ because of GST, making charges and location-based premiums.

Retail jewellery brand prices today

Retail jewellery chains revise their rates daily based on international gold prices, currency movement and local demand. Prices below are indicative store rates and may vary slightly by city.

• Tanishq Gold Rate (22K): ₹15,905 per gram
• Kalyan Jewellers Gold Rate (22K): ₹15,865 per gram
• Malabar Gold & Diamonds (22K): ₹15,865 per gram
• Joyalukkas Gold Rate (22K): ₹15,865 per gram

Jewellers say customer footfall is now mixed. Investment buyers are active, while wedding buyers are cautious because they expect prices to remain elevated for some time.

Why prices may not cool down soon

Market participants increasingly believe the bullion rally is not temporary. The conflict has moved beyond a limited retaliation phase and is shaping into a long geopolitical confrontation. Such situations typically keep gold strong for extended periods because uncertainty becomes structural rather than event-based.

There are additional reasons supporting long-term firmness:

• Central banks worldwide are already buying gold reserves
• Oil price rise fuels inflation globally
• Currency volatility strengthens bullion demand
• Investors are hedging against financial market shocks

If the conflict widens or energy supply routes face disruption, analysts warn gold could remain elevated for months and corrections may be brief.

What it means for Indian buyers

For Indian households, gold is both jewellery and savings. A prolonged high-price cycle affects wedding purchases, but investment demand usually rises. Financial planners say staggered buying, or systematic purchases during dips, may become a common strategy if prices remain unpredictable.

Silver buyers should be prepared for sharper swings because the metal reacts to both industrial outlook and geopolitical fear simultaneously.

For now, bullion traders expect continued volatility rather than stability. Unless geopolitical tensions ease decisively, gold and silver prices in India are likely to stay sensitive to every development emerging from the conflict zone.