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Gold Price Prediction For Monday: Broader Bullish Structure Remains Intact; Know Key Levels For March 9
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Gold Prices Prediction For Monday, March 9: Despite occasional profit-taking, the overall trend in gold remains bullish amid escalating geopolitical tensions in the Middle East.
Gold Price Prediction.
Gold Prices Prediction For Monday, March 9: Gold prices continue to trade with an upward bias amid rising geopolitical tensions and persistent safe-haven demand. Analysts say the broader bullish structure remains intact despite intermittent profit booking.
The broader commodities basket enters the week with heightened volatility driven by escalating geopolitical tensions in the Middle East, which have triggered sharp rallies across energy and precious metals.
In Mumbai, the price of 24-carat gold increased to Rs 1,63,640 per 10 grams on March 7, while 22-carat gold was available at Rs 1,50,000 per 10 grams. In the international market, US spot gold was up 1.15% at $5,181.30 per ounce.
Gold Prices Outlook
Ponmudi R, CEO of Enrich Money, a SEBI-registered online trading and wealthtech firm, said the broader commodities basket is witnessing heightened volatility due to escalating geopolitical tensions in the Middle East.
Despite occasional intraday reversals and profit-taking, the overall trend in gold remains bullish. According to him, gold continues to attract strong safe-haven demand, while participation from investors has increased around breakout levels.
“Selective upside participation remains favourable, with disciplined risk management necessary around recently tested support zones as macroeconomic and geopolitical event risks continue to dominate sentiment,” he said.
COMEX Gold: Key Levels To Watch
COMEX gold futures are currently trading around $5,158-$5,181, compared to the previous close near $5,078-$5,099. The daily chart continues to reflect strong bullish momentum.
Prices are holding comfortably above key support levels, including the 50-day exponential moving average and earlier consolidation zones around $5,000-$5,100. The metal has recently tested the resistance area near $5,185.
Ponmudi said the overall bullish structure remains intact as long as prices stay above the $5,000-$5,100 zone. A decisive breakout above $5,200 could trigger the next leg of the rally, potentially pushing prices toward $5,400-$5,600 in the coming months.
“As long as prices continue to trade within the rising long-term trend channel, the overall outlook remains decisively bullish, with dips likely presenting strong accumulation opportunities within this extended bull cycle,” he added.
MCX Gold: Support And Resistance Levels
Domestic gold futures on the Multi Commodity Exchange (MCX) have maintained an uptrend. Prices recently broke above the earlier resistance level of Rs 1,65,000.
The earlier resistance area between Rs 1,58,000 and Rs 1,63,000 has now turned into a strong demand zone following the breakout, Ponmudi said.
As long as gold holds above Rs 1,65,000, Ponmudi said the metal could move toward the Rs 1,70,000 level and possibly higher. However, a break below Rs 1,57,000 could trigger a deeper correction toward the Rs 1,50,000 zone.
Gold Prices This Week
“After opening with a gap up earlier in the week, both gold and silver gradually declined this week as a stronger US dollar and rising Treasury yields, along with reduced expectations for interest rate cuts by the Federal Reserve, outweighed safe-haven demand stemming from the escalating Middle East conflict,” Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.
He added that investors continued to exit gold-backed exchange traded funds (ETFs) this week, indicating softer investment demand.
“ETFs reduced their gold holdings by 93,479 troy ounces in the latest session, marking the fourth consecutive day of outflows, the longest losing streak since February 6,” Gandhi said.
“Gold and silver prices experienced notable fluctuations on Friday, driven primarily by ongoing geopolitical tensions in the Middle East and robust safe-haven buying,” Gaurav Garg, Research Analyst at Lemonn Markets Desk, said.
Jateen Trivedi, VP Research Analyst, Commodity and Currency, LKP Securities, said investors are closely monitoring crucial macroeconomic indicators, including the unemployment rate and non-farm payrolls numbers scheduled to be released later in the day.
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March 07, 2026, 16:13 IST
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Gold is sold at a discount in Dubai due to Middle East conflict disrupting flights. Traders offer up to $30 per ounce less than London prices.
Dubai Gold Selling Cheaper As Iran War Grounds Flights
Gold is being sold at a discount in Dubai as the widening conflict in the Middle East disrupts flights and hampers the movement of bullion from one of the world’s key trading hubs.
According to a Bloomberg report, traders in Dubai are offering discounts of up to $30 per ounce compared to the global benchmark price in London. The unusual price cut comes as shipments remain stranded due to flight disruptions triggered by the escalating conflict involving Iran and Israel.
Dubai is a key global centre for refining and exporting gold to markets across Asia, including India. However, partial airspace restrictions and heightened security risks have slowed the movement of bullion out of the region.
Why Gold Is Being Sold Cheaper
Gold is typically transported in the cargo holds of passenger aircraft. With several flights from the UAE restricted amid regional tensions, traders are struggling to move bullion to international markets.
At the same time, insurance and freight costs have surged, making shipments more expensive and uncertain. Many buyers have therefore stepped back from placing new orders, unwilling to bear high logistics costs without assurance of timely delivery.
To avoid paying prolonged storage and financing costs while shipments remain stuck, some traders are offering gold at discounted prices.
Although transporting bullion by road to airports in neighbouring countries such as Saudi Arabia or Oman is theoretically possible, logistics firms are reluctant due to the risks and complications of moving high-value cargo across land borders during a conflict.
What It Means For India
India, one of the largest buyers of gold shipped from Dubai, could face short-term supply disruptions if the situation continues.
Renisha Chainani, head of research at Augmont Enterprises Ltd., said several cargo shipments have already been delayed, creating temporary tightness in the availability of physical bullion in India.
However, industry experts as reported by Bloomberg say the immediate impact may remain limited as domestic inventories are currently comfortable after heavy imports earlier this year.
Chirag Sheth, principal consultant for South Asia at Metals Focus, said Bloomberg that India has ample stocks for now, but warned that prolonged disruptions could eventually affect supply if the conflict continues for several months.
Meanwhile, global gold prices have surged this year amid geopolitical uncertainty, with spot gold recently trading above $5,000 per ounce.
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March 08, 2026, 10:03 IST
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Some seven in 10 British adults without a full driving licence say learning to drive is currently unaffordable, according to a survey.
The figure is even higher among younger people, with 76% of 18 to 29-year-olds without a licence saying driving lessons are financially out of reach, the poll for car insurer Prima found.
Overall, 38% said the cost of driving lessons was the biggest deterrent to learning to drive.
Some 32% were put off by the price of buying a car and 15% said the cost of car insurance was the main barrier to learning to drive.
Almost half (45%) said they would consider learning to drive if it became significantly cheaper.
Nick Ielpo, UK country manager at Prima, said: “For a growing number of people, driving is no longer a symbol of freedom – it’s a financial stretch too far.
“Between lessons, buying a car and insuring it, the upfront and ongoing costs are pricing many people out before they even start.”
Find Out Now surveyed 1,134 adults who do not hold a full driving licence between January 21 and 23.
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