Gold, silver prices, March 3 -- The latest escalation in Middle East tensions, as the US and Israel stepped up their war against Iran, while Tehran threatened a full closure of the Strait of Hormuz, investor sentiment has turned risk-off. This, in turn, has driven safe-haven demand and gains in precious metals like gold and silver.

After remaining in a consolidation phase for most of February, gold and silver prices received a fresh fillip from the US-Iran war, driving them to multi-week highs. The conflict in the Middle East has raised fears of a protracted regional war and deepened uncertainty.

Against this backdrop, gold prices in the international markets topped the $5400 on Monday before witnessing some profit-taking in the late ev...