World gold prices opened the new week in a shocking increase after the US and Israel launched large-scale airstrikes on Iran, causing geopolitical risks to escalate sharply.
This precious metal was immediately sought after by investors as a safe haven amidst the wave of instability, pushing spot gold prices to jump to $5,390/ounce as soon as the market opened on March 2, with a very strong fluctuation range.
Tensions continue to rise as Iran responds with missile attacks. The market is concerned that the conflict could be longer and more unpredictable, causing the need for risky defense to increase. In that context, analysts believe that gold prices may remain at a high level until a clear cooling signal appears.
Not only the war factor, inflation is also creating an important support for gold. The latest data shows that the US producer price index in January 2026 increased by 0.5% compared to the previous month, higher than expected.
Service prices increased by 0.8%, the strongest level since July last year. Increased inflation has reduced real yields, thereby making gold - a non-performing asset - more attractive as a hedge.
US-Iran tensions also risk pushing oil prices up, dragging inflation expectations up. As energy costs escalate, price pressure spreads, investors often increase gold holdings to preserve purchasing power.
Technically, the upward trend of gold is still assessed as very strong. On the daily chart, the price is moving in an expanding edge pattern and once broke the upward triangle pattern at the end of 2025. After adjusting to the support zone of 4,300 USD/ounce, gold has rebounded sharply to near 5,600 USD.
Since gold prices surpassed the level of $5,090/ounce, the price is heading towards the level of $5,600 as the nearest resistance level. However, the escalating geopolitical crisis may push prices above $5,600 and open up opportunities to reach the level of $6,500, according to Fxempire.
Not only gold, silver is also starting to send breakthrough signals. Usually, silver increases slower than gold in the early stages of the crisis but will catch up when the safe-haven wave spreads. Silver prices have bottomed firmly above the 64 USD support zone and formed a positive technical pattern above 72 USD.
After a strong correction from the 120 USD peak to 64 USD, silver formed a new pattern and broke the 92 USD mark last week. If it recovers to the 120 USD mark, the next target mentioned is 150 USD/ounce in 2026.
The precious metals market is entering an unprecedentedly volatile phase in many years. When war, inflation and monetary policy simultaneously create waves, it is predicted that gold and silver prices may continue to be the focus of global cash flow in the near future.
World gold price at 3:26 PM on March 2nd Vietnam time traded at 5,406.93 USD/ounce, up 128.83 USD, equivalent to 2.44%.
Silver prices traded at 95.71 USD/ounce, up 1.99 USD, equivalent to 2.13%.
Regarding domestic gold prices in the Vietnamese market, SJC gold bar prices and Bao Tin Minh Chau 9999 gold ring prices at 2:47 PM on March 2nd both traded around 187.9 - 190.9 million VND/tael (buying - selling).
