Gold Rates Surge as Markets Open

Gold prices spiked sharply on Wednesday, March 4, 2026, with the global benchmark climbing above $5,170 per ounce, driven by renewed safe-haven flows amid geopolitical volatility and currency movements.

As of midday trading, spot gold stood at $5,177.81/oz, a notable uptick from Tuesday’s close and underscoring persistent market sensitivities to risk sentiment and currency pressures.

In Nigeria, the precious metal remained elevated, with 24-karat gold at approximately ₦228,866.66 per gram, 22K at ₦209,641.86, and 18K at ₦171,649.99, reflecting both global upward pressure and local currency dynamics. Per ounce, gold traded near ₦7,117,753.12, up ~1.24% on the day.

Across international markets, gold’s rally was bolstered by a softer U.S. dollar and heightened safe-haven demand amid escalating geopolitical tensions in West Asia, which dampened risk assets and nudged investors toward bullion. The Federal Reserve’s decision to hold interest rates steady has also limited the impact of yield-driven headwinds, supporting gold’s role as an inflation hedge.

Regional price data confirm strong territorial premiums: in India, retail 24K gold hovered around ₹163,270–₹167,820 per 10 grams, with 22K and 18K variants similarly elevated amid festival season demand. Local differentials reflect logistics, taxes, and jewellery margins.

Gold’s performance today is the result of several converging market drivers:
• Safe-haven inflows amid geopolitical uncertainty have lifted bullion demand across Asia and Africa.
• Currency fluctuations, chiefly a softer USD relative to major peers, have enhanced gold’s appeal in non-dollar markets.
• Domestic market conditions - including logistics costs, taxes, and festival buying patterns - are supporting firm retail pricing in key emerging markets.

Precise gold premiums and spreads across London, Dubai, Mumbai, and Lagos markets will continue to evolve as macro variables shift through the week.

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