Israel-Iran conflict pushes gold prices up. See how much it costs in your city
Gold prices in India continued to rise on Friday, June 13, as global tensions grew after Israel launched strikes on Iran. This is the second day in a row that gold prices have gone up.In Delhi, the price of 24-carat gold touched Rs 99,463 per 10 grams, the highest among major cities. The rate for 22-carat gold in the capital was Rs 91,183 for the same quantity.The rise in prices is being linked to worries over a possible wider conflict in the Middle East, which has made investors turn to gold as a safe place to park money. This trend is common during times of geopolitical unrest.Amod Khanorkar, Chief Rating Officer at Infomerics Valuation and Ratings Ltd, said that gold prices are likely to move higher as long as the current situation continues.He explained that 'given the geopolitical issues, gold is a safe haven and will have an upward bias in prices as a result of the conflict.' He also said that any movement in crude oil prices also has an impact on India and could make the situation harder for the credit markets.CITY-WISE GOLD PRICESThe price of gold increased in most metro cities on Friday. The rise was sharp, with 24-carat gold going up by Rs 880 per 10 grams and 22-carat gold climbing Rs 800 per 10 grams.In Bangalore, 24-carat gold was priced at Rs 99,305 and 22-carat gold stood at Rs 91,025.In Chennai, the prices were slightly higher at Rs 99,311 for 24-carat and Rs 91,031 for 22-carat gold.Delhi topped the list at Rs 99,463 (24-carat) and Rs 91,183 (22-carat).Mumbai, Kolkata, and Pune also saw steep rises. The 24-carat gold rate in Mumbai was Rs 99,317, while 22-carat gold was priced at Rs 91,037. Kolkata followed with Rs 99,315 (24-carat) and Rs 91,035 (22-carat). Pune recorded Rs 99,323 for 24-carat and Rs 91,043 for 22-carat gold.GLOBAL FACTORS PUSHING PRICES UPJateen Trivedi, VP Research Analyst for Commodity and Currency at LKP Securities, said that global gold prices saw a sharp jump, going past Rs 1,00,000 on the Multi Commodity Exchange (MCX). He pointed out that the sharp rise was a result of the attacks in Iran and the rumours that nuclear sites were targeted.'Prices reacted with Rs 1,500–1,900 gains as Iran retaliation threats loom, which can create war situations between the two,' he said.He also said that global gold prices (COMEX) crossed USD 3,425, gaining USD 50 in a day. Meanwhile, a weak Indian rupee made gold even more expensive domestically. The rupee fell by 60 paise to 86.10 against the US dollar, which added to the price increase.Trivedi added that support for gold now stands at Rs 98,000, with resistance at Rs 1,02,500 in the short term.advertisement(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)Trending Reel
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