Gold prices are soaring as the U.S. airstrikes on Iran heighten geopolitical tensions in the Middle East, spreading typical "risk-off" sentiment across global financial markets. Some analysts forecast gold could rise as much as 15% to reach $5,800 if the situation becomes prolonged. Bitcoin, which plunged on the day of the airstrikes, is attempting a rebound.
![KRX gold spot surges over 4% in one day... "Could rise up to 15% more" forecasts suggest [US-Iran War] - Seoul Economic Daily Finance News from South Korea](/_next/image?url=https%3A%2F%2Fwimg.sedaily.com%2Fnews%2Fcms%2F2026%2F03%2F03%2Fnews-p.v1.20260303.1c18207bd96b45d1949b869c4d758b7e_P1.jpg&w=3840&q=75 "Gold Surges 4% on KRX as Middle East Tensions Escalate")
According to the Korea Exchange on March 3, gold bullion on the KRX gold market closed at 249,200 won per gram as of 3:30 p.m., up 4.14% from the previous trading day of February 27. Gold-related exchange-traded funds posted similar gains, with TIGER KRX Gold Spot and ACE KRX Gold Spot rising 4.34% and 4.29%, respectively.
The surge reflects global gold price gains during the holiday period that were priced in at market open. International gold prices rallied over the weekend following the Iran crisis. Gold futures for April delivery currently trade above $5,300 per troy ounce in international markets. While prices have retreated from the previous day's high of $5,433, they remain approximately 2.04% higher than the February 26 level of $5,194, before the situation escalated. International gold prices jumped more than 2% intraday, reflecting market anxiety.
In contrast, silver futures fell 4.76% on the day after surging 26.9% over eight trading days since late February. The decline is attributed to speculative funds that had ridden the silver rally shifting to gold, which is considered a safer asset. Silver is more volatile than gold.
![KRX gold spot surges over 4% in one day... "Could rise up to 15% more" forecasts suggest [US-Iran War] - Seoul Economic Daily Finance News from South Korea](/_next/image?url=https%3A%2F%2Fwimg.sedaily.com%2Fnews%2Fcms%2F2026%2F03%2F03%2Fnews-g.v1.20260303.be814caf6fd241398f8fd60bc14a44a4_P1.jpg&w=3840&q=75 "Gold Surges 4% on KRX as Middle East Tensions Escalate")
Global investment experts suggest gold prices could rise further depending on how long the Iran situation persists. The Financial Times, citing French investment bank Natixis, reported that "gold prices could rise as much as 15% more if conflict in Iran continues," adding that "most of the gains are likely to occur within the first few weeks."
Bitcoin, considered an alternative investment, is also recovering its losses quickly. According to CoinMarketCap, Bitcoin was trading around $68,000 as of 3:30 p.m. on the day. Bitcoin briefly recovered to the $70,000 level intraday. The cryptocurrency had plunged to the $63,000 level on February 28 when the Iran crisis erupted due to panic selling, but has stabilized as bargain hunters entered the market. Bitcoin had similarly plummeted about 10% at the outbreak of the Russia-Ukraine war before rebounding sharply days later.