New Delhi, March 2 -- Gold prices on the Multi Commodity Exchange of India opened sharply higher on Monday, following a rally in international bullion prices amid the escalating war in the Middle East, as the US and Israel launched major strikes on Iran, killing Supreme Leader Ayatollah Ali Khamenei, deepening global economic uncertainty.

MCX gold rate opened higher at Rs.1,65,501 per 10 grams as against its previous close of Rs.1,62,104 level. MCX silver price opened higher at Rs.2,82,644 per kilogram as against its previous close of Rs.2,82,644 level.

In the international market, spot gold price rallied 1% to $5,329.39 an ounce, after hitting its highest point in more than four weeks. Earlier in the session, bullion prices climbed as ...