SRINAGAR: Gold prices in India have surged to record levels, crossing Rs 1 lakh per 10 grams, driven by escalating geopolitical tensions between Israel and Iran. The sharp rise reflects global risk aversion, with investors shifting towards safe-haven assets such as gold.
As of June 16, gold futures were trading at Rs 1,00,472 per 10 grams, while spot prices in some cities touched Rs 1,01,078. Over the past week, gold prices increased by Rs 3,750 per 10 grams within four days, before witnessing a slight correction. On June 13, 24-carat gold was priced between Rs 99,311 in Chennai and Rs 99,463 in Delhi, with subsequent gains pushing rates higher. The price of 22-carat gold, widely used for jewellery, rose to between Rs 91,000 and ₹93,200 per 10 grams across metropolitan areas.
The surge is attributed to the intensifying Israel-Iran conflict, which has spurred global uncertainty. A weakening Indian rupee and rising crude oil prices have added pressure, leading to elevated domestic rates. On the Multi Commodity Exchange (MCX), gold breached the Rs 1 lakh mark, in line with global spot prices nearing $3,428 per ounce.
Market experts suggest that gold prices may remain elevated amid continued geopolitical instability. Support levels are seen near Rs 99,620, with resistance up to Rs 1,00,940 per 10 grams. Although short-term corrections are possible due to market volatility, the overall trend is expected to stay upward unless there is a significant de-escalation in the Middle East or a change in US Federal Reserve policy.
Investors are advised to stay alert to international developments and policy signals before making large investments in gold, as further price movements remain likely in the current environment.source kashmir life