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

(Kitco News, Monday. March 2nd, 2026) – Gold and silver prices are sharply higher and hit four-week highs in early U.S. trading Monday, on strong safe-haven demand as the Middle East is seeing its biggest war in decades. April gold was last up $159.40 at $5,406.80. March silver prices were up $2.038 at $94.71.

Latest on the U.S.-Israeli war against Iran…

— U.S.-Israeli strikes across the Middle East continue. Iran’s supreme leader killed.
–Global stocks fell today, crude oil rallied, the U.S. dollar and gold advanced.
–Kuwait said a number of U.S. fighter jets crashed. Crew members survived.
–Iran claims it shot down a U.S. fighter jet.
–Saudi Aramco halted its largest oil refinery after a nearby drone strike.
–Iran won’t negotiate with the U.S., security chief says.
–Israel bombed Beirut after Hezbollah group fired rockets and drones into Israel.
–Trump: U.S. military campaign in Iran could last several weeks but is ahead of schedule.
–Dozens of oil tankers are stranded in the Persian Gulf as Strait of Hormuz all but closed off.

U.S. military action in Iran may threaten Trump-Xi summit in April. “One month before Chinese President Xi Jinping and President Trump are set to convene at a much-touted summit in China, the U.S. leader’s toppling of another friend of China risks stoking tensions between the world’s biggest economies,” Bloomberg reported Sunday. After U.S. and Israeli military strikes on Iran wiped out the Islamic Republic’s Supreme Leader, Chinese Foreign Minister Wang Yi on Sunday called it “unacceptable to openly kill the leader of a sovereign country and institute regime change.” Speaking by phone with his Russian counterpart, Wang warned that the U.S. president risked driving the Middle East into the “abyss.” Condemnation of Washington from China’s top diplomat stands out during a delicate period when officials on both sides are trying to steady relations before Trump arrives in Beijing on March 31. “Complicating that task, (Trump) has ousted two leaders with ties to Beijing in quick succession this year, after the U.S. in January snatched Venezuela’s Nicolás Maduro,” said the report.

OPEC+ to raise crude oil output amid Middle East tensions. OPEC+ agreed to resume oil production increases at a slightly accelerated pace as a conflict sparked by U.S.-Israeli strikes on Iran threatened to bolster a rally in crude prices. Key members led by Saudi Arabia and Russia will add 206,000 barrels a day starting in April, according to a cartel statement after their monthly video conference on Sunday. The hike is unlikely to calm markets, as several OPEC+ producers have limited capacity to increase and key Gulf members could face the risk of export constraints if there are prolonged disruptions in the critical Strait of Hormuz.

The key outside markets today see the U.S. dollar index solidly up and hitting a five-week high, with crude oil prices sharply higher, hitting an eight-month high and trading around $72.00 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently 3.96 percent.

Note: The gold market operates through two primary pricing mechanisms. The first is the spot market, which quotes prices for on-the-spot purchase and immediate delivery. The second is the futures market, which sets prices for delivery at a future date. Due to year-end positioning market liquidity, the December gold futures contract is currently the most actively traded on the CME.

April gold futures bulls’ next upside price objective is to produce a close above solid resistance at the contract/record high of $5,626.80. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $5,000.00. First resistance is seen at the overnight high of $5,434.10 and then at $5,500.00. First support is seen at the overnight low of $5,315.30 and then at $5,300.00. Wyckoff’s Market Rating: 8.0.

March silver futures bulls see the next upside price objective is closing prices above solid technical resistance at $100.00. The next downside price objective for the bears is closing prices below solid support at the February low of $71.815. First resistance is seen at the overnight high of $95.86 and then at $100.00. Next support is seen at the overnight low of $92.335 and then at $90.00.

Posted by:

Jack Dempsey, President

401 Gold Consultants LLC

jdemp2003@gmail.com