New Delhi, March 2 -- Gold and silver prices traded with extended gains in Monday's session, as escalating tensions in the Middle East boosted the appeal of safe-haven assets, bringing the yellow metal within sight of its recent record highs.

Gold, often deemed a safe-haven asset by investors during times of crisis, rose $187 per troy ounce (Comex) to $5,434 per ounce on 2 March. Gold has closed the last seven months higher, rallying from $3,307 per troy ounce to $5,247, reflecting an increase of 59%.

With today's rally, the yellow metal is just 4% away from touching the recent peak of $5,626.

The March silver futures contract on Comex gained $4 per troy ounce to reach the day's high of $97.3, the highest level in five weeks. Over the ...