Gold and silver prices have taken center stage across South Asia, with both precious metals experiencing significant volatility and sharp gains in recent days. As global markets reel from escalating geopolitical tensions, particularly in the Middle East, investors and consumers in countries like Bangladesh and India are watching price boards with a mixture of anxiety and anticipation.
On Saturday, February 28, 2026, the Bangladesh Jewellers’ Association (BAJUS) announced a fresh increase in domestic gold prices. According to the BAJUS notice, the price of 22-carat gold of standard quality climbed to Tk 265,415 per bhori, up from Tk 261,041—a jump of Tk 4,374 per bhori in just a single day. This follows two separate price hikes last week that together amounted to Tk 5,482 per bhori, reflecting the persistent volatility gripping the market since late January.
Other gold varieties saw similar upward revisions: 21-carat gold now stands at Tk 253,342 per bhori, 18-carat at Tk 217,126 per bhori, and gold produced by traditional methods is priced at Tk 177,701 per bhori. BAJUS also reminded consumers that the government-imposed 5% VAT must be added to the selling price, making the final purchase cost even steeper for buyers.
The principal driver behind these surges, as BAJUS emphasized, is the relentless rise in international gold prices. The notice stated, "The price of pure gold in the local market has risen, prompting the increase in retail prices. However, the principal reason remains the rise in gold prices in the international market."
Indeed, international gold prices have been anything but stable. Over the past two weeks, prices have swung dramatically—declining by USD 150 over the last 30 days but surging by USD 1,762 in the past six months. On Friday, February 27, 2026, during U.S. trading hours, the spot price of gold soared by more than USD 100 per ounce, reaching USD 5,278.10, according to BAJUS.
Bangladesh’s experience echoes trends seen across the border in India, where gold and silver have also been on a rollercoaster. On Friday, February 28, 2026, gold prices in India surged for the second consecutive day. The price of 24-carat gold jumped sharply to Rs 16,473 per gram, an increase of Rs 316 from the previous day, translating to Rs 1,64,730 per 10 grams—a single-session gain of Rs 3,160. The 22-carat gold rate climbed to Rs 15,100 per gram, up by Rs 290, and 18-carat gold rose to Rs 12,355 per gram, a gain of Rs 237.
Silver, too, broke out of its recent lull. On Saturday, the final trading day of February, silver prices leapt by Rs 10,000 per kilogram to Rs 2,95,000 per kg in India, ending a two-session freeze and signaling renewed buying interest. The price per gram rose to Rs 295, up Rs 10 from the previous day, with bulk buyers paying Rs 29,500 for 100 grams.
What’s fueling these dramatic moves? According to Ross Maxwell, Global Strategy Operations Lead at VT Markets, "Gold and silver are moving higher despite a firm USD because safe-haven demand is currently outweighing the normal relationship. When investors become concerned about geopolitical risk, trade disruptions or slowing global growth, they will prioritise capital preservation over anything else, which can bring strength to both the USD and gold as safe-havens."
The backdrop to this safe-haven scramble is a surge in geopolitical tensions in the Middle East, notably the Iran-Israel conflict. The Economic Times reported that a recent strike near the offices of Iran’s Supreme Leader Ayatollah Ali Khamenei has further diminished hopes for a diplomatic solution to Tehran’s nuclear dispute with the West. As a result, commodity and currency expert Anuj Gupta expects a "gap-up opening for gold and silver on Monday" when trading resumes, advising traders to buy both metals as safe-haven demand rises.
Gupta’s strategy is clear: "Buy MCX gold at Rs 160,000-161,000 with a stop loss of Rs 158,000 and target of Rs 165,000. Buy MCX silver at Rs 278,000-280,000 with a stop loss of Rs 273,000 and target of Rs 290,000." He attributes his bullish stance to the ongoing geopolitical uncertainty, which has historically driven investors toward precious metals during times of crisis.
On the international front, the COMEX reflected these anxieties with gold closing up 2% at $5,296.40 an ounce—a single-day jump of $102.20. Silver prices soared nearly 8% to $93.82 an ounce, up $6.83, underscoring the heightened volatility and investor nervousness.
Yet, the price swings haven’t been uniform everywhere or every day. For example, in India on Friday, domestic gold and silver prices actually dipped slightly in lackluster trade, with April gold futures settling at Rs 161,971, down Rs 133 or 0.08%, and May silver futures closing at Rs 281,990, down Rs 654 or 0.23%. Such short-term fluctuations, however, are being overshadowed by the broader upward momentum seen over the past month and beyond.
Gold’s role as a safe-haven asset isn’t new, but its importance seems magnified in the current climate. As Sumaila Zaman of India.com explains, "Gold has been regarded as one of the safest investments for many years because it has a proven track record of preserving wealth during periods of inflation and market volatility." She adds that gold’s value in India is determined by both global factors—such as international prices and the strength of the U.S. Dollar—and local factors, including jewelry demand during holidays.
Up-to-date gold prices in India, as provided by India.com, show that on February 28, 2026, 24-carat gold was Rs 16,158 per gram, 22-carat at Rs 14,811, and 18-carat at Rs 12,119. The price of silver was Rs 284.90 per gram and Rs 2,84,900 per kilogram. These prices are updated daily and serve as a vital reference for consumers, investors, and jewelers alike.
The volatility isn’t limited to South Asia. Even in Bangladesh, gold prices have been so unpredictable that, on some occasions, authorities announced a price increase in the morning and reduced it again by evening. The most dramatic example came on January 29, 2026, when gold prices jumped by a record Tk 16,213 per bhori to Tk 286,000—the highest ever recorded in the country.
As the world watches the Middle East closely and global markets remain on edge, gold and silver look set to retain their allure as safe harbors in a stormy financial sea. For now, buyers and investors will have to navigate these choppy waters with caution, keeping a close eye on both international headlines and the ever-changing price ticker.