Israel-Iran war continues to fuel gold prices
On Monday, Gold prices surged on the Multi Commodity Exchange (MCX) tracking the global market for the precious metal which firmed up amid the worsening geopolitical crisis in the Middle East region following Iran’s drone and missile attack on Israel.
Gold futures, maturing on June 5, 2024, stood at Rs.72,302 per 10 grams on the MCX at 11:30 a.m., an increase of Rs.541 over Friday’s close of Rs.71,843.
In the international market, spot gold price is trading around $2,360 per troy ounce, which is around 0.70 percent higher from its Friday close.
Gold prices have now risen by around 17 percent in India over the last two months from around Rs.62,000 per 10 grams range to levels around Rs.72,700.
The price of 24-carat gold in Delhi on Monday was around Rs.72,690 per 10 grams while in Mumbai it was hovering around Rs.72,540. The gold price was the highest in Chennai at Rs.74,790 per 10 grams while in Kolkata and Bengaluru, it was hovering around Rs.72,540.
Gold prices have been driven up by the safe haven demand by investors in the wake of uncertainty caused by rising geopolitical tensions. Central banks of various countries have also been buying the precious metal in large quantities.
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Rise & rise – for gold price, unlikely to come down even in next 2 years, except for marginal Rs. 1 or 2 drop.