Israel-Iran war buzz: MCX gold rate today at new high! Is it right time to buy? EXPLAINED with 5 reasons
Gold rate today: Gold prices on the MCX started Friday on a stronger note, mirroring the uptrend in global bullion markets amid escalating geopolitical tensions in the Middle East, which boosted demand for the yellow metal as a safe haven. Silver prices continued to rise as well.
MCX gold opened with a gain of ₹ 1,108 or 1.12%, at ₹ 99,500 per 10 grams, compared to the previous close of ₹ 98,392. During the session, it surged to a high of ₹ 100,403.
'Gold prices surged sharply crossing 100000rs in MCX, Geopolitical issues escalating further with Israel attacks on Iran and Nuclear sites rumoured to be targeted. Prices react with 1500-1900rs gains as Iran retaliate treats looms which can create war situations between the two. In comex prices surged passed 3425$ gains of 50$ but Indian price rose 2% due to rupee weakness which fell by 0.60rs to 86.10. Support now looked at 98000 and major resistance which is extended levels at 102500 in short term,' said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.
Tensions intensified following Israeli airstrikes on Iran, raising concerns over potential retaliation. In response, Israel has announced a state of emergency, bracing for possible missile and drone assaults, while the United States is preparing evacuation measures for civilians in the area.
'Risk off sentiments dominates as middle east conflicts between Israel and Iran escalate. US stock indices too indicated this impact with a weaker opening. US and Iran too is engaged in a long-standing power struggle," said NS Ramaswamy Head -Commodity desk and CRM - Ventura.
Investor concerns have deepened due to the uncertainty around US-China trade talks, further intensified by President Donald Trump's warning of potential unilateral tariffs within the next two weeks, prompting a shift toward traditional safe-haven assets.
Gold's upward momentum is also being driven by easing inflationary pressures in the U.S. Recent inflation data has strengthened expectations of aggressive interest rate cuts by the Federal Reserve, although concerns remain about the potential impact of upcoming tariffs.
A weakening Indian rupee has increased the cost of imported gold, pushing up domestic prices. Meanwhile, the US dollar has lost ground against major global currencies, partly due to expectations that the Federal Reserve may pause its interest rate hikes.
Spot gold jumped 1.3% to $3,428.28 an ounce, reaching its highest level since May 7, while US gold futures advanced 1.4% to $3,449.60 an ounce. The metal has surged more than 3.5% so far this week.
According to market experts, the confidence in this asset can be seen as gold has delivered positive returns in the 16 out of past 20 years, indicating the reliability of the metal in uncertain situations and this consistency over the past two decades clearly underscores its role as a safe haven asset.
' Gold's safe-haven appeal is likely to remain strong, particularly amid ongoing global uncertainties. It remains a critical asset in the portfolios of investors seeking stability and protection from volatility. Gold in the international COMEX market is likely to surpass the $3509 high from the present $3430 levels and create a high of $3540 in the short term with resistance at $3476. Support for COMEX Gold is seen at $3400 and $3345,' Ramaswamy said.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
35 minutes ago
- Hindustan Times
Startup Mantra: Accelerate business growth with sustainability
At a time when businesses across the globe are navigating a maze of sustainability regulations, a Pune-based startup is helping them find clarity—and compliance—with confidence. Founded in 2021 by Rajesh Patel, Snowkap is a Net Zero Software-as-a-Service (SaaS) platform that helps companies manage their Environment, Social and Governance (ESG) performance and reduce their carbon footprint. Born out of a problem Patel encountered firsthand—scattered ESG data, outdated tools, and a lack of business-aligned solutions—Snowkap blends artificial intelligence with human expertise to create a comprehensive, usable platform. 'We're not trying to retrofit old systems,' says Patel, who also heads the Powerweave Group. 'We wanted to create something grounded in how sustainability actually functions inside modern businesses,' he said. From pain point to platform The ideation for Snowkap began with conversations across boardrooms and factory floors. Patel and his team met sustainability officers, procurement heads, chief financial officers (CFOs), auditors, and policy advisors across geographies. 'We mapped where ESG data comes from, who owns it, where it gets stuck. The pattern was clear—manual processes, scattered workflows, and a heavy reliance on consultants just to stay compliant,' says Patel. What emerged was a business-grade ESG ERP platform—built from scratch, not retrofitted. The platform integrates directly into an enterprise's existing systems, automates data collection, matches it to global frameworks, and flags gaps, enabling quick and credible reporting. It supports the Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB), and Task Force on Climate-related Financial Disclosures (TCFD), among others. 'Think of us as your ESG control tower,' Patel explains. 'We plug in, clean up your data, match it to global standards, and help build your reports—all from one place.' Bootstrapped but built-to-scale The product has been in the making for over 18 months, backed entirely by the Powerweave Group and developed by a core team of engineers, ESG experts, and compliance professionals. Around $1.5 million has been invested so far through internal capital and grants. Unlike many early-stage startups, Snowkap has avoided the blitz-scaling trap. 'We built with intent, not speed,' says Patel. While most SaaS companies bleed cash in the name of scale, Snowkap's infrastructure and product choices were made to grow sustainably. 'From the beginning, we asked—how can we scale without increasing burn?' adds Patel. Human and AI approach The global ESG software market, currently pegged at $3.17 billion, is dominated by giants like SAP, IBM, and Microsoft, which together command over 60% market share. Snowkap, like other Indian entrants (with <10% market share), is an emerging challenger in a rapidly growing industry. What sets Snowkap apart, says Patel, is its Human + AI approach. 'Most platforms stop at reporting. We go further—our AI does the heavy lifting, and our ESG experts help translate that into business-first action,' he says. 'It's not just about compliance—it's about helping businesses make smarter decisions.' Europe and GCC on the radar Snowkap now plans to expand into high-impact markets in Europe and the Gulf Cooperation Council (GCC). The timing is deliberate. 'Europe is now the epicentre of sustainability regulation,' says Patel, referring to new frameworks like the Carbon Border Adjustment Mechanism (CBAM), the EU Deforestation Regulation (EUDR), and the Omnibus Directive. 'These aren't just acronyms—they're reshaping boardroom agendas.' To enter these markets, Snowkap is strengthening its partner ecosystem. Local collaborators, especially in Europe, bring on-ground knowledge and regulatory understanding, while Snowkap provides the scalable tech backbone. Industry tailwinds The ESG software market is booming—with a global compound annual growth rate (CAGR) of 16.7%, projected to hit $8.03 billion by 2030. India's market is smaller but growing faster—from ~$110 million now to an estimated $377 million by 2030 (CAGR of 22.9%). For Patel, it's not just a business opportunity—it's a shift in how companies define performance. 'ESG is now a boardroom priority, not just a CSR checkbox. When something becomes central to business strategy, you need infrastructure that evolves with it.'
&w=3840&q=100)
Business Standard
41 minutes ago
- Business Standard
Iran launches hundreds of ballistic missiles on Israel as conflict widens
Iran fired hundreds of ballistic missiles against Israel following an unprecedented direct attack on its nuclear facilities, ramping up a conflict between sworn enemies that threatens to engulf the Middle East and disrupt global oil supplies. Multiple waves of missiles targeting Israeli cities amount to the most forceful step yet by Tehran since Israel's overnight raids killed top Iranian generals and badly damaged key military infrastructure. Israel said it identified missiles launched from the Islamic Republic and reported explosions from interceptions and falling debris from incoming projectiles. There was dramatic video footage of at least one large explosion in Tel Aviv, and reports of explosions over Jerusalem. The extent to which Israel's air defenses were pierced remains to be seen, with US forces helping to intercept and shoot down Iranian attacks. Markets took another hit from the surge in tensions: The S&P 500 lost over 1 per cent, wiping out this week's advance. West Texas Intermediate crude futures surged more than 7 per cent, the most since March 2022. Gold and the dollar rose. When the pair targeted each other last year, there was a greater time lag and a sense that after an exchange of fire, there would be a détente. This time, Israel has indicated this is an operation that could last weeks. This poses an existential problem for Iran, and a question of whether it can match its fiery rhetoric with actions. Israel has dramatically exposed its weaknesses, decimated its proxies and taken out key leaders. Additional escalations — particularly any targeting of American military or diplomatic facilities in the region — could rally domestic political support, but could dramatically intensify the conflict. It was unclear if Tehran was entertaining last-resort options such as blocking the Strait of Hormuz, one of the world's most vital oil arteries, in a scenario that investors fear the most. Iran's Supreme Leader Ayatollah Ali Khamenei vowed to 'act forcefully' in a pre-recorded video message carried by state TV. His statement was released after Iran started its retaliation. Unlike previous responses, this one came much faster. Given Israeli Prime Minister Benjamin Netanyahu has followed through on his long-promised threat to dismantle Iran's nuclear program, Iran was feeling the pressure to find a commensurate answer. So far, Israel has chosen to keep the US out of the conflict — a decision that an analysis by Bloomberg Economics suggested was the most likely since Tehran can't afford to go to war with the world's biggest economy and mightiest military. The backdrop are indirect nuclear talks between the Islamic Republic and the US, with a sixth round of negotiations scheduled to take place on Sunday. But the damage to its standing in the region is real. The head of the Islamic Revolutionary Guard Corps, Hossein Salami, and the military's chief of staff, Mohammad Bagheri, were both killed in Israeli strikes. At least two other senior IRGC members also died and several nuclear facilities were targeted. Iran informed the International Atomic Energy Agency that Israel struck the nuclear sites at Fordow and Isfahan as part of its wave of attacks in the last 24 hours, Director General Rafael Mariano Grossi told the UN Security Council on Friday. Grossi said the IAEA doesn't have information beyond indications that military activity took place around those facilities. But the move is important — if the facility at Isfahan is disabled, it would seriously crimp Iran's ability to enrich uranium in large volumes. Israel 'should not think that it is over. We won't allow them to escape unscathed from this great crime they have committed,' Khamenei said. But the Iranian supreme leader's terse statement shows Iran is probably not prepared to make any concessions. Iran's Foreign Minister Abbas Araghchi said Friday's attacks have derailed diplomacy. Meanwhile, with the Group of Seven leaders gathering in the Canadian Rockies, the attention will focus on how US President Donald Trump will react — or not. Going into the summit, there was a common desire to keep fraught geopolitical issues off the table but that will be difficult to do given the knock-on effects of a spike in oil prices on inflation and energy exports. Given the region is such a big crossroads for shipping of not just oil but consumer goods, any all-out war will further strain a global trading system disrupted by the trade wars. For his part, Trump gave brief telephone interviews to a smattering of journalists, particularly those from cable news networks, but otherwise didn't take to the cameras to make public remarks. The White House said Trump was not expected to emerge Friday night, though he could always turn to social media or additional interviews with the media. On Saturday, Trump's 79th birthday, he's scheduled to host a military parade ostensibly to celebrate the US Army's 250th year. He took to social media to warn Iran to make a deal 'before it is too late.' Come Saturday, the extent of the damage on both sides will come into focus. Israel said more than 200 aircraft participated in the operation that targeted around 100 locations across Iran. At least 95 people were wounded and several residential buildings in Tehran's suburbs were hit, according to Iranian media. Iran's ambassador to the United Nations said 78 people were killed in the attacks. One woman was killed in the Tel Aviv area, a police spokesman in Israel said. Netanyahu and Trump spoke by phone Friday to discuss the conflict, according to a White House official. The US has said it did not play a role in Israel's initial volley, and warned Iran against retaliation against American service members. The US role assisting Israel's aerial defense is customary, but what it does next will be critical.
Hindustan Times
44 minutes ago
- Hindustan Times
Tata Group needs to fine-tune key aspects of Air India's operations: Praful Patel
Mumbai: Former civil aviation minister Praful Patel has called on the Tata Group to fine-tune key aspects of Air India's operations, a day after the airline's Boeing 787 Dreamliner aircraft with 242 people onboard crashed shortly after takeoff in Ahmedabad. At least 265 people have been confirmed dead as of Friday, including students at a medical college's hostel and others in a residential area near the Ahmedabad airport where the plane went down. 'After three-and-a-half years of the takeover of Air India by the Tatas, the management needs to fine-tune various aspects of running a world-class airline, including maintenance,' Patel told reporters at the Nationalist Congress Party's office in Mumbai on Friday. The 68-year-old was the civil aviation minister in the Congress-led United Progressive Alliance government when Boeing introduced the Dreamliners in 2011. Asked about India's proficiency in maintaining and repairing aircraft, Patel expressed concern over the 'under-utilisation' of domestic facilities. Before the Tata takeover in 2022, most of Air India's planes were maintained by Air India Engineering Services Limited, the country's largest aircraft maintenance company, which is government-owned. However, many planes are now being managed by other agencies, he said. 'We have a world-class set-up, but it is surprising why some planes of Air India are sent outside the country for maintenance. Air India Engineering Services Limited has always maintained Air India for a long time, and their services should be utilised. It is surprising that aircraft are sent outside. Boeing's maintenance and repair facility at Nagpur has a good track record. However, the facility has been underutilised,' he added. Terming the accident a temporary setback, Patel said India's aviation sector remains largely well-managed. 'We have potential for growth and a need for more aircraft, looking at the size of our country. Any accident has a temporary setback, but largely, Indian aviation is well managed. SOPs and safety norms are well in place in India's aviation growth,' he said. Thursday's accident is being probed by the Aircraft Accident Investigation Bureau (AAIB), which comes under the civil aviation ministry. Patel refused to speculate on the reasons behind the crash and said everyone should wait for the AAIB's report. 'The black box has been recovered. While the data will be retrieved within a few months, it will take a little longer for the government to come out with a report detailing the exact reasons behind the crash,' he said. Patel also played down speculation that a bird hit may have led to the crash. 'Even if one of the two engines had failed, technically, the plane is equipped to take off and travel the full distance. Watching the video, it seems that there was no problem at the time of the takeoff. Otherwise, the pilot would have avoided it,' he said. The NCP leader also called on passengers not to be scared of air travel following the crash. 'India's overall safety standards are well-defined and the Directorate General of Civil Aviation keeps updating these norms in line with international norms,' he said. Meanwhile, Tata Group chairman N Chandrasekaran on Friday described the crash as 'one of the darkest days in Tata Group's history.' In a letter addressed to employees, Chandrasekaran conveyed his grief over the loss of lives, calling the tragedy 'incomprehensible.' 'Words are no consolation right now, but my thoughts are with the families and loved ones of the people who died and were injured in the crash. We are here for them. I want to say that, like you, we want to understand what happened. We don't know right now, but we will,' Chandrasekaran wrote in the letter. With inputs from PTI
