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Daily brief · Monday, March 2, 2026

Gold up, silver surges on haven demand tied to Iran conflict; platinum and palladium slip

Gold closed at $5,313.90 (+1.75%) and silver at $94.62 (+5.16%), with several outlets citing safe-haven buying linked to the Iran conflict. At the same time, some commentary flagged counter-forces such as renewed dollar strength and the risk that rates stay higher if inflation re-accelerates.

AI summaryWritten automatically with AI from 31 linked reports and our own price data, Oct 21, 2:37 AM ET. Each point links to its sources. Published without an editor’s review; not investment advice. How this page is made

Closing prices for March 2, 2026

Gold $5,313.90 +1.75% 30d +6.7% Silver $94.62 +5.16% 30d −8.3% Platinum $2,329.00 −1.56% 30d +1.3% Palladium $1,782.00 −0.61% 30d −2.1%

Tone of the reports: Mixed

What happened

  1. Safe-haven demand was a central driver: Bloomberg and FXStreet said investors have been shifting toward “haven-first” positioning as Iran-related risks rise, keeping gold in focus as a refuge asset.

    SourcesBloomberg: Wall Street Turns to 'Haven-First' Strategies Amid Iran Attacks2: Energy In Focus as Global Equity Traders Brace For Iran ImpactFXStreet: Gold: Safe haven bid on Middle East risk – OCBC - FXStreet2: The Middle East is changing the game in Forex | FXStreet

  2. Supply/logistics disruptions showed up in the physical market: Reuters reported flights were halted amid U.S.-Israeli strikes on Iran, curbing Dubai gold flows and testing Dubai’s role as a major gold trading hub.

    SourcesReuters: Dubai gold flows curbed as flights halted due to US-Israeli strikes on Iran2: Middle East conflict puts Dubai mega-hub's market muscle to the test

  3. Kitco described strong gains in both gold and silver on safe-haven demand during the session.

    SourcesKitco News: Strong price gains in gold, silver on safe-haven demand

  4. Not all coverage was one-way: Kitco also tied weakness to a rising dollar index and weaker risk appetite, and a separate imported note said renewed dollar demand pushed silver below $94.00.

    SourcesKitco News: Gold loses altitude, silver down sharply as USDX rallies, risk ...Earlier news service: SILVER Plunges Below $94.00 as Renewed Dollar Demand Sparks Market Anxiety

  5. Reuters reported Uganda’s central bank will start its gold buying program this month, adding an official-sector demand angle to the gold narrative.

    SourcesReuters: Uganda's central bank to start its gold buying programme this month

  6. Heraeus (via Kitco) said gold and silver could still fall further before reaching a floor, even as Iran conflict risk and tariff uncertainty remain supportive.

    SourcesKitco News: Gold and silver prices have further to fall before reaching the floor, but Iran conflict and tariff uncertainty are supportive – Heraeus

Bull vs bear

The arguments the day’s reports made for each direction. We list them side by side; we don’t pick one.

The case for higher prices

The case for lower prices

What to watch

  • This monthUganda central bank gold buying startsReuters said the program begins this month, adding a new source of official-sector demand to the gold market narrative.

Metal by metal

Gold $5,313.90 +1.75%

Coverage stayed focused on geopolitics and inflation risk. Bloomberg and Reuters pointed to Iran-related tensions supporting haven demand, while Reuters also highlighted Dubai flow disruptions and Uganda’s planned central-bank purchases this month as notable physical/official-sector developments.

Gold headlines

Silver $94.62 +5.16%

Silver coverage was split: Kitco cited safe-haven buying in a strong session, but other notes emphasized dollar strength as a headwind, including a report of silver dipping below $94.00 amid renewed dollar demand.

Silver headlines

Platinum $2,329.00 −1.56%

Coverage was thin. Kitco’s daily charts roundup included platinum trading on March 2, but without additional fundamental drivers in the provided reports.

Platinum headlines

Palladium $1,782.00 −0.61%

Coverage was thin. Kitco’s daily charts roundup included palladium trading on March 2, but without additional fundamental drivers in the provided reports.

Palladium headlines

The day’s reports

23 reports, most important first, New York time.

  1. 7:00 PM FXStreet · 7:00 PM▲ Reports a rise Gold: Safe haven bid on Middle East risk – OCBC - FXStreet OCBC says Middle East risks are supporting safe-haven buying in gold, though the rally depends on whether the conflict widens.
  2. 7:00 PM Bloomberg · 7:00 PM Watch Mideast Escalation Risks New Inflation Spike: Economist Bloomberg reports an economist sees Middle East escalation risks raising the chance of another inflation spike.
  3. 7:00 PM Kitco News · 7:00 PM▼ Reports a fall Gold loses altitude, silver down sharply as USDX rallies, risk ... Kitco says gold fell and silver dropped sharply as the dollar index rose and risk appetite weakened.
  4. 2:23 PM Reuters · 2:23 PM▼ Reports a fall Dubai gold flows curbed as flights halted due to US-Israeli strikes on Iran Reuters says Dubai gold flows were curbed after flights were halted amid US-Israeli strikes on Iran.
  5. 9:59 AM Reuters · 9:59 AM Uganda's central bank to start its gold buying programme this month Reuters says Uganda's central bank will start its gold buying program this month.
  6. 8:05 AM Kitco News · 8:05 AM▲ Reports a rise Strong price gains in gold, silver on safe-haven demand Kitco says gold and silver posted strong gains on safe-haven demand.
  7. 7:00 PM World Gold Council · 7:00 PM Weekly Markets Monitor: Crisis hedge | Gold Focus blog World Gold Council's weekly monitor says markets are being driven by crisis-hedge demand amid mixed inflation and uneven economic conditions.
  8. 7:00 PM Kitco News · 7:00 PM Monday's charts for gold, silver, platinum and palladium, March 2 Kitco's Monday charts review gold, silver, platinum and palladium trading on March 2.
  9. 7:00 PM Investing.com · 7:00 PM▲ Reports a rise Gold Garners Praise, Silver Ablaze but Must the Fed Raise? Investing.com commentary says gold is drawing praise and silver is rallying as traders debate whether the Fed may still need to raise rates.
  10. 7:00 PM Investing.com · 7:00 PM US GoldMining releases economic study for Alaska gold project U.S. GoldMining released a preliminary economic assessment for its Whistler gold-copper project in Alaska.
  11. 1:17 PM Reuters · 1:17 PM Middle East conflict puts Dubai mega-hub's market muscle to the test Reuters says Middle East conflict is testing Dubai's role as a major gold trading hub.
  12. 11:29 AM Kitco News · 11:29 AM▼ Reports a fall Gold and silver prices have further to fall before reaching the floor, but Iran conflict and tariff uncertainty are supportive – Heraeus Heraeus says gold and silver may fall further before bottoming, though Iran conflict and tariff uncertainty support prices.
  13. 9:59 AM Kitco News · 9:59 AM▼ Reports a fall Spot gold trades near session low after ISM Manufacturing PMI dips to 52.4 Kitco says spot gold traded near session lows after the ISM manufacturing PMI fell to 52.4.
  14. 9:36 AM Reuters · 9:36 AM Fed races to adapt to AI promises and pitfalls for jobs, inflation Reuters says the Fed is racing to adapt to AI’s possible effects on jobs and inflation.
  15. 9:35 AM Reuters · 9:35 AM Bank of Canada: sometimes rate hikes needed even when economy is weak Reuters says the Bank of Canada says rate hikes can still be needed even when the economy is weak.
  16. 8:02 AM FXStreet · 8:02 AM▲ Reports a rise The Middle East is changing the game in Forex | FXStreet FXStreet says the Middle East turmoil could make gold a major beneficiary in forex markets.
  17. 7:00 PM Yahoo Finance · 7:00 PM GoldMining Congratulates U.S. GoldMining on the Successful ... GoldMining congratulates U.S. GoldMining on a successful corporate development update.
  18. 7:00 PM Yahoo Finance · 7:00 PM Quimbaya Gold Expands Copper Porphyry Target to 3.1km After ... Quimbaya Gold expanded its copper porphyry target after new exploration work.
  19. 7:00 PM Yahoo Finance · 7:00 PM Montero Completes Exploration Programs at Elvira Gold Project and ... Montero says it completed exploration programs at its Elvira gold project.
  20. 7:00 PM Kitco News · 7:00 PM Where are the stops? Monday, March 2, gold and silver | Kitco News Kitco outlines likely buy and sell stop locations for active Comex gold and silver futures.
  21. 4:09 PM CNBC · 4:09 PM How traders played Monday's rebound, and what they think ... - CNBC CNBC says traders are weighing how to play Monday's rebound, including a view that gold should be bought during the war.
  22. 8:29 AM Kitco News · 8:29 AM Gold market analysis for March 2 - key intra-day price entry levels for active traders Kitco posts intraday gold market analysis with key price entry levels for active traders.
  23. 1:07 AM The Times of India · 1:07 AM Gold price prediction today: How will gold prices react this week to Middle East tensions? Key levels to watch out The Times of India says Middle East tensions are likely to keep gold prices volatile this week.

How this page is made

Collected every hour. Summed up twice a day. Linked to the source.

Where the news comes from

  • Reuters and Dow Jones headlines for gold, silver, platinum and palladium, through TradingView
  • Kitco News and MetalsDaily
  • The World Gold Council
  • Google News, for wider coverage
  • A daily AI web search for anything the feeds missed

How the briefs are written

Every hour we collect new headlines. An AI model from OpenAI tags each one by metal, topic and importance and writes a one-line summary from its headline and teaser. It doesn’t read paywalled articles. On weekdays at about 8 AM and after the 5 PM New York close, it writes a brief from the most important reports and our own spot price feed. Every point cites the reports it came from. On Fridays it writes a recap of the week.

Who publishes it

Bullion Trading LLC is a physical precious metals dealer in New York’s Diamond District, in business since 2008. Prices on this page come from our own live feed and LBMA history. We buy and sell bullion, so read the briefs as market context, not investment advice. Briefs are published automatically, without an editor’s review. If you spot an error, tell us.

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