Gold prices in India soared to an all-time high on Monday, June 16, amid rising geopolitical tensions between Israel and Iran. According to the Indian Bullion Association, the price of gold surged to ₹1,00,480 per 10 grams, up from ₹1,00,300 recorded the previous day. The ongoing conflict has pushed global investors toward safe-haven assets like gold, leading to a spike in prices.
Gold Prices Across Major Indian Cities:
The upward trend was observed across several major metro cities:
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New Delhi: Gold was priced at ₹1,00,130 per 10 grams on Monday, up from ₹99,960 on Friday.
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Mumbai: The price rose to ₹1,00,300 from ₹1,00,140.
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Kolkata: Gold stood at ₹1,00,170 per 10 grams.
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Bengaluru: The rate was ₹1,00,380.
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Chennai: The highest rate was recorded here at ₹1,00,580 per 10 grams.
This sharp rise reflects both domestic and international concerns surrounding geopolitical instability and economic uncertainty.
International Gold Market:
In the United States, gold was also trading at elevated levels, reaching $3,445.80 per ounce, as global markets reacted to the ongoing Middle East conflict. Gold futures for delivery on August 5 showed a rise as well, trading at ₹1,00,314 per 10 grams on the Multi Commodity Exchange (MCX).
Silver Prices Also Reach Record Levels:
Silver too witnessed a historic high. On Monday, silver prices in India touched ₹1,06,920 per kilogram, setting a new record. However, silver futures for July 4 saw a minor dip of 0.02%, falling to ₹1,06,474 per kg.
In the U.S. market, silver was trading at $36.24 per ounce on June 16, reflecting a similar global trend of increased investment in precious metals.
Why Are Prices Rising?
The recent spike in gold and silver prices is largely attributed to global uncertainty sparked by the escalating Israel-Iran conflict. Investors tend to flock to precious metals during times of crisis as they are considered stable stores of value. Additionally, inflationary pressures and concerns over global economic stability have further boosted demand for these commodities.
As tensions continue in the Middle East, experts suggest that gold and silver prices may remain volatile but elevated in the short term.