Gold prices surge on MCX amid rising tensions between Iran and Israel, with futures reaching Rs 72,813 per 10 grams, driven by increased demand for the safe-haven asset. International market reflects similar trend, with gold prices touching $2,386.8 an ounce in New York, near its all-time high.
Retail gold prices in India breach Rs 73,000 mark per 10 grams of 24-carat gold, with prices in Delhi around Rs 73,310 and in Mumbai approximately Rs 73,160. Investors turn to gold amidst Iran-Israel conflict, withdrawing from riskier assets, as geopolitical tensions escalate.
Colin Shah from Kama Jewelry notes the surge in gold prices due to the conflict, leading investors to shift focus from riskier avenues, while Navneet Damani of Motilal Oswal Financial highlights the correlation between gold prices and geopolitical tensions, overshadowing interest rate changes.
