Gold Nears Record High: Iran-Israel Tension Pushes Yellow Metal; City-Wise Rates
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The Israel-Iran tension was triggered after Israel's unexpected missile bombardment on Iran, escalating the long-running confrontation between the two arch-rivals.
Gold Price Today, June 16: Gold prices climbed to a record high in India amid the rising tension between Israel and Iran. In Mumbai, gold price was trading at Rs 1,01,510 per 10 gram for 24-carat and Rs 93,050 per 10 gram for 22-carat.
On Monday, gold prices, however, weakened a bit to fall around Rs 150. Silver prices also weakened by Rs 100 to trade at Rs 1,09,900, which is still its 13-year high.
The Israel-Iran tension was triggered after Israel's unexpected missile bombardment on Iran, escalating the long-running confrontation between the two arch-rivals. In response, Iran retaliated by launching a barrage of missiles on Israeli soil. Prime Minister Netanyahu said Israel launched Operation Rising Lion, a targeted military operation to roll back the Iranian threat to Israel's very survival.
Geopolitical uncertainty remains a key driver for bullion in the near term, says Aksha Kamboj, Vice President, India Bullion and Jewellers Association and Executive Chairperson, Aspect Global Ventures.
On MCX, gold futures was trading at Rs 1,00,290 per 10 gram with an unchanged moment. Meanwhile, silver futures traded in red to 1,06,443 per kg.
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