Gold Surpasses ₹1 Lakh Mark on MCX Amid Middle East Tensions
13 Jun 2025 4:48 PM IST13 Jun 2025 4:48 PM IST
Gold likely ranging between ₹1,00,200 and ₹1,00,500 per 10 grams based on global developments.
Representational image
On Friday, gold prices in India crossed ₹1 lakh per 10 grams on the Multi Commodity Exchange (MCX) for the first time, driven by escalating tensions between Israel and Iran, boosting demand for gold as a safe asset. Gold opened at ₹99,500 per 10 grams, up ₹1,108 from the previous close of ₹98,392, before reaching ₹1,00,403. It was later corrected to ₹99,673 by 12:44 p.m. Per the India Bullion and Jewellers Association (IBJA), 22-carat gold was ₹9,679 per gram, and 24-carat gold was ₹9,917 per gram. Silver prices also rose, opening at ₹1,06,450 per kg, peaking at ₹1,06,799, and settling at ₹1,06,328 by 12:45 p.m.
Globally, spot gold rose 1.3% to $3,428.28 per ounce, the highest since May 7, while U.S. gold futures gained 1.4% to $3,449.60. Gold is up over 3.5% this week, fueled by reports of Israeli attacks on Iranian facilities, heightening fears of regional conflict. Investors are turning to gold as a safe haven. Colin Shah, Managing Director of Kama Jewelry, predicts short-term price fluctuations, with gold likely ranging between ₹1,00,200 and ₹1,00,500 per 10 grams based on global developments.
Source: MCX, IBJA, international spot market data, June 13, 2025.
Written by Katravath Rahul, University of Hyderabad, Intern.
( Source : Deccan Chronicle )
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