Business

Gold price reaches all-time high due to escalating geopolitical tensions

Gold futures on India’s Multi Commodity Exchange (MCX) surged to Rs 72,423 per 10 grams on Friday, following the international market’s rally where the price hit a record high at $2,395.29 per ounce. This marked a significant increase of Rs 779 per 10 grams from the previous trading session.

In major Indian cities, retail gold prices varied with Delhi at around Rs 72,380 for 24-carat gold, Mumbai at Rs 72,230, Chennai at Rs 73,370, Bengaluru and Kolkata at Rs 72,230. The surge in gold prices globally is attributed to central banks purchasing the metal as a safe-haven asset amidst geopolitical tensions.

With gold prices rising by 15% this year, US gold futures also rose 1.2% to $2,401.80. India, the second largest gold importer after China, is directly impacted by the increasing international prices. The trend of escalating gold prices is expected to continue due to ongoing geopolitical uncertainties.

The surge in gold prices is indicative of the preference for safe-haven assets amidst global tensions. The fluctuation in retail gold prices across India reflects the broader trend of rising gold prices in the international market, influencing domestic markets. The future trajectory of gold prices remains uncertain yet promising for investors.

IANS

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