Last Updated:March 03, 2026, 09:53 IST

Gold and silver prices in India eased after a rally driven by Middle East conflict. 24-carat gold is Rs 1,70,020 per 10gm, silver below Rs 3,00,000.

Amid escalating tensions in the Middle East, gold and silver prices have witnessed a sharp surge, with market experts warning of further increases if the conflict intensifies.

Gold and silver prices: Gold and silver prices across India eased slightly after rallying as investors rushed towards safe havens due to the conflict in the Middle East. The price of 24-carat gold stood at Rs 1,70,020 per 10 grams, while 22k gold was available at Rs 1,55,850 per 10 grams. These rates do not include GST and making charges.

Silver also fell by Rs 20,000 to come down below Rs 3,00,000.

On MCX, gold futures, whose expiry is on April 02, 2026, was traded at Rs 1,66,199 per 10 gram, with a rise of 2.53 per cent. While silver futures expiring on March 05, 2026, were trading at Rs 2,80,090 per kg, with a fall of 0.90 per cent.

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Shop price inflation eased in February but consumers are still paying 3.5% more for food than a year ago, figures show.

Overall shop inflation fell slightly to 1.1% from January’s 1.5%, in line with the three-month average of 1.1%, as fierce competition between retailers kept price rises in check and customers benefited from promotions across health, beauty and fashion, according to the British Retail Consortium (BRC) and NIQ.

Prices of products other than food were down 0.1% year on year, a significant drop from January’s growth of 0.3%.

Overall food inflation fell slightly to 3.5% from 3.9% in January, while fresh food prices remained 4.3% higher than last February, a slight drop from January’s 4.4% and above the three-month average of 4.2%.

However falling global costs pushed ambient food inflation down to 2.3% – its lowest level in four years and a significant fall from January’s 3.1%.

BRC chief executive Helen Dickinson said: “Households got some welcome relief in February as shop price inflation eased.

“While the direction of travel is promising, prices are still rising, and many consumers remain under pressure.”

Mike Watkins, head of retailer and business insight at NIQ, said: “Since the start of the year, we have seen some competitive pricing across both the food and non-food channels which is helping to bring down inflation.

“Whilst the inclement weather and weak sentiment is making consumer demand rather unpredictable for retailers, at least shoppers are now seeing some of their cost-of-living pressures start to ease.”

The Chancellor has been urged to scrap the proposed hike in fuel duty as concerns have been raised about the conflict in the Middle East.

Rachel Reeves announced last year that the long-held discount in fuel duty would be scrapped from September, with a 1p hike followed by two increases of 2p each in subsequent years.

But following the US and Israeli attacks on Iran at the weekend – which killed the country’s Supreme Leader Ayatollah Ali Khamenei – concerns have been raised about the impact of oil price hikes which could hit consumers at the pumps.

Following the attack, the price of oil jumped to 80 US dollars a barrel, with some analysts suggesting it could rise above 100 dollars.

Speaking ahead of the spring statement, SNP economy spokesman Dave Doogan said: ““With real fears that prices at the pump are now set to soar because of the situation in the Middle East – instead of stubbornly doubling down, the Chancellor needs to scrap her price hike plans before motorists face a devastating double hit.

“Oil prices are already spiking – the last thing motorists and businesses now need is another damaging tax hike from the Labour Party.

“The Chancellor needs to see sense, recognise what is unfolding globally, and immediately scrap her plans to hike prices at pumps.

“Everyone knows that Keir Starmer’s Labour Party has broken their promise to cut energy bills by £300 – it would be another slap in the face for families if Labour made the cost-of-living crisis even worse with a plan that will inevitably increase prices.

“After 14 U-turns from this chaotic Labour Government – scrapping their plans to hike fuel duty is one U-turn motorists, businesses and families right across Scotland would actually welcome.”

A spokeswoman for the Treasury said: “We have extended the 5p fuel duty cut from this month to the end of August to support drivers across the country.”