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Amid West Asia tensions, gold prices cross 1 lakh mark
Amid rising tensions in West Asia in the wake of the Israeli attack on Iran, gold prices have crossed the Rs 1 lakh-mark in India on the Multi Commodity Exchange (MCX). read more
A saleswoman displays a gold necklace inside a jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Kolkata, India, May 7, 2019. (Photo: Reuters)
As Israeli strikes inside Iran have raised tensions in West Asia, gold prices have surged in India to cross the Rs 1 lakh-mark.
Investors have often sought gold as a safe haven asset in times of uncertainty. Gold prices had surpassed the Rs 1 lakh-mark in April as well when US President Donald Trump's topsy turvy trade policy had sown uncertainty.
Gold's August contracts hit the fresh lifetime high of Rs 1,00,403 per 10 grams whereas the contracts with October expiry hit the all-time high of Rs 1,01,295 per 10 grams on the Multi Commodity Exchange (MCX), according to Moneycontrol.
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The prices for gold in the market surged as well, with the price of 24 carat gold jumping by Rs 2,120 in one session to reach Rs 1,01,400.
Gold has long been seen as a safe haven asset that people have preferred to put their money in during economic and market volatility. Owing to its intrinsic value and universal appeal, gold has often served as a hedge against inflation and shaky markets.
In India, returns on gold have been comparable with stocks on Sensex, with gold delivering an annualised return of about 13.8 per cent against Sensex's 14.1 per cent returns.
Israel struck Iranian nuclear and military sites in the early hours of Friday. It also targeted several senior Iranian officials, including military chiefs and scientists.
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