Gold Prices Surge Amid Middle East Developments
Gold Prices Surge to ₹1.55 Lakh Amid Middle East Developments: Gold prices witnessed a strong rally in domestic and international markets due to changing geopolitical developments in the Middle East and rising demand for safe-haven assets. According to the All India Sarafa Association, the price of 24-carat gold in Delhi increased by nearly 2% to ₹1,55,400 per 10 grams, including taxes. On the Multi Commodity Exchange (MCX), gold futures rose by ₹87 to ₹1,52,219 per 10 grams during morning trade. The Indian Bullion and Jewellers Association (IBJA) reported 24-carat gold at ₹1,50,860 per 10 grams, while global spot gold prices climbed to $4,663.70 per ounce.
Gold prices remained elevated across major Indian cities, with Chennai recording the highest retail rate of ₹1,53,280 per 10 grams for 24-carat gold. Cities including Mumbai, Kolkata, Hyderabad, and Bhubaneswar saw prices around ₹1,51,310 per 10 grams. Analysts said the rally was supported by a weakening US dollar, lower crude oil prices, and improving investor sentiment toward precious metals.
Traders attributed the rise in bullion prices to reports suggesting progress in negotiations between the United States and Iran, which may improve trade flow through the Strait of Hormuz and ease energy-related inflation concerns. Reports also indicated that Iran may reopen the strategic waterway after former US President Donald Trump halted “Project Freedom.” In the international market, COMEX June gold futures rose 3.2% to $4,714.55 per ounce, while MCX gold futures gained ₹2,947 in the previous trading session, reflecting strong momentum in global bullion markets.
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