New Delhi, March 2 -- Gold prices could surge to USD 6,000 per ounce, and Rupee may weaken to 92-92.5 against USD if West Asian conflict escalates further, according to a report by Elara Capital.

The report said gold stands to benefit significantly from rising geopolitical tensions. Apart from continued central bank and ETF-related buying, gold is likely to receive an additional boost from geopolitical risk premium.

In commodity markets on Monday morning , gold prices surged 3 per cent to Rs 1,67,329 per 10 gm for 24 karat, while silver prices rose 3.89 per cent to Rs 2,85,700 per kg.

The Elara Capital report stated, "We remain positive on gold as central bank, ETF-related buying now is likely to be complemented by geopolitical risk pr...