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India Today
2 days ago
- Business
- India Today
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 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 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 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 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 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 Bangalore, 24-carat gold was priced at Rs 99,305 and 22-carat gold stood at Rs 91, Chennai, the prices were slightly higher at Rs 99,311 for 24-carat and Rs 91,031 for 22-carat 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 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 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 added that support for gold now stands at Rs 98,000, with resistance at Rs 1,02,500 in the short 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
India Today
25-04-2025
- Business
- India Today
Pahalgam terror attack casts big shadow on Kashmir's booming tourism economy
When Kashmir's valley should've been echoing with the laughter of tourists, it was shaken by the crack of gunfire. The April 22 terrorist attack in Pahalgam didn't just end lives, it ended a season of which had finally started rewriting its story from conflict to calm, has once again been dragged back by the same old shadows. The act of terror in Pahalgam has silenced more than just people; it's silenced an entire economy that was learning to dream was slowly rebuilding its image as a peaceful tourist destination after years of conflict, especially after the abrogation of Article 370 in August 2019. The incident has already triggered widespread cancellations by tourists, hotel bookings are down, and many tour operators are reporting a sharp fall in TAKES A DIRECT HITTourism is one of the most important sectors in Jammu and Kashmir. According to the state's Economic Survey, the sector contributes between 7% and 8% to the region's Gross State Domestic Product (GSDP). With the total GSDP estimated at Rs 2.65 lakh crore, tourism is believed to be worth between Rs 18,500 crore and Rs 21,200 crore state government had set a target to raise this contribution to 15% in the coming 4–5 years. But the Pahalgam attack has put these plans in attack came during the start of the tourist season, which runs from April to October. This is the time when businesses related to hotels, transport, handicrafts, and local markets earn most of their the last few years, Kashmir had seen a steady rise in the number of visitors. Tourist arrivals grew from 34 lakh in 2020 to a record 2.36 crore in 2024. This included 65,000 foreign tourists. Even in 2025, the start of the season had shown promise. Srinagar's Tulip Garden alone attracted 8.14 lakh visitors in just 26 now, bookings are being cancelled and many fear that the rest of the season could be ECONOMIC IMPACTThe damage is not limited to tourism. The attack may also impact other sectors that had started to grow in recent years. These include retail, handicrafts, shawl and carpet weaving, and small Manoranjan Sharma from Infomerics Valuation and Ratings Ltd said the attack had the potential to reverse years of economic pointed out that terror incidents had fallen from 228 in 2018 to just 46 in 2023, while economic growth had picked up. The GSDP was expected to grow by 7.06% in FY25, and per capita income had risen to Rs 1,54,703 with a year-on-year growth of 10.6%."The annual turnover at Sopore's mandi had touched Rs 7,000 crore in 2024, sustaining livelihoods across Kupwara, Bandipora, Baramulla, and Budgam," he said. JOBS AND LIVELIHOODS AT RISKThe start-up sector had also shown signs of life, with a 287% rise in DPIIT-registered start-ups since 2020. But the uncertainty caused by the attack could now slow down further investment and had dropped from 6.7% in 2019-20 to 6.1% in 2023-24. But if tourism and related sectors suffer for long, many jobs could be lost. People working in hotels, restaurants, travel agencies, shops selling local products, and transport services may face serious Sopore fruit market, which had a turnover of Rs 7,000 crore in 2024, supports farmers and traders across districts like Kupwara, Bandipora, Baramulla, and Budgam. A drop in tourist demand could affect their earnings InMust Watch
