Geopolitical tensions between Israel and Iran have taken their toll on commodities worldwide. As tensions between the two countries rise, the effect can be seen clearly on the prices of gold and silver in India. This incessant ping-pong between the two countries is keeping investors worldwide on tenterhooks. Precious metals are therefore becoming a safer proposition, pushing their prices to new heights.
MCX Gold Breaches ₹1 Lakh Investor Appetite Reaches Peak
With increasing global instability, MCX gold prices have moved sharply upwards. Currently, MCX gold is quoted at ₹1,00,310 per 10 grams. This consistent upward trend is a measure of investor faith in gold as a secure asset during turbulent periods. The MCX silver rate has also moved sharply upwards and is quoted at ₹1,06,456 per kg. Experts indicate that gold has recorded a 31% year-to-date (YTD) increase, making constant new records. Most people think the trend can be maintained in case tensions do not subside across the world.
City-Wise Gold Prices Bullion Market and MCX
In Kolkata, gold sells at ₹1,00,160 per 10 grams in the bullion market. On MCX, the price is ₹1,00,310 per 10 grams. Mumbai also has the same trend—gold on bullion is available for sale at ₹1,00,300 and the MCX rate remains the same at ₹1,00,310. The bullion price for Delhi is ₹1,00,100 and MCX is once again at ₹1,00,310. Silver in Delhi is available at ₹1,06,560 per kg.
In Hyderabad, bullion gold is retailing at ₹1,00,430 for 10 grams and silver at ₹1,06,910 per kg. Chennai sees even higher rates for bullion₹1,00,570 for gold and ₹1,07,050 for silver. Regardless of local differences, MCX prices in the two cities are stuck at ₹1,00,310 for gold and ₹1,06,456 for silver.
Market Sentiment And Future Trends
The increasing trend in prices of gold and silver demonstrates the extent to which investors are turning their attention towards secure assets. During periods of global conflict and economic uncertainty, these commodities turn out to be the most sought-after forms of investment. The consistent appreciation valueparticularly of gold represents high demand and low risk attitude of the buyers. The Indian Bullion Association will release updated rates later in the day, which may provide more clarity on regional price trends.
