Gold Futures Surge Past $5,300 as Gold Price Hits Historic High on US-Iran War Shock
Gold futures surged to $5,296 per troy ounce on Monday, March 2, with the gold price opening COMEX trading well above pre-weekend levels after US and Israeli strikes killed Iranian Supreme Leader Ayatollah Ali Khamenei on February 28 — triggering the most dramatic safe-haven gold rally since January's all-time high of $5,608.
The spot price of gold reached an intraday high of $5,299 in overnight electronic trading on Sunday, with the previous close at $5,194.20 — a gap of more than $100 in a single session. Gold has now gained 22% in 2026 alone, entering the year near $4,300 per ounce and crossing $1,000 above that mark within two months.
Gold Price Reaction to US-Iran Strikes Exceeds Analysts' Initial Forecasts
The February 28 military strikes upended what was already a tense but stable pre-weekend positioning in precious metals. Gold was trading above $5,100 before the strikes were confirmed, supported by a 15% global tariff rollout by the Trump administration and softening real yields. The geopolitical shock then delivered the sharpest one-session advance for gold in weeks.
Silver tracked gold's rally with even greater force. COMEX silver futures jumped 7.67% to $94.30 per ounce on February 28, with analysts flagging the potential for a push toward $100 if tensions persist. Gold's seventh consecutive monthly gain in February — its longest winning streak in over a decade — arrived with the geopolitical catalyst already building behind it.
Market analyst Fawad Razaqzada noted that additional safe-haven demand could push gold to around $5,500 again, with a new record above January's peak of approximately $5,600 possible if hostilities intensify. He cautioned that a rebound in the US dollar — which tends to strengthen alongside gold in full risk-off episodes — could cap the upside beyond that level.
What the Gold Futures Open on March 2 Signals for the Week Ahead
Key technical resistance for gold futures sits at $5,320.89 and $5,426.67 as the March 2 session opens. Major support has been established at $5,052.87 following the breakout above that floor in late February. Traders are watching whether a "gap-up and hold" pattern materializes, or whether early buyers take profit as the initial shock is priced in.
