New Delhi— Gold prices on the Multi Commodity Exchange (MCX) surged past the ₹1 lakh mark per 10 grams for the first time on Friday, driven by heightened geopolitical tensions between Israel and Iran that sent investors rushing toward safe-haven assets.
MCX gold opened with a sharp rise of ₹1,108, or 1.12 percent, at ₹99,500 per 10 grams, compared to the previous close of ₹98,392. Shortly after, prices spiked to an all-time high of ₹1,00,403. By 12:44 p.m., gold was trading at ₹99,673, up 1.30 percent.
Retail prices reflected the same upward trend. According to the India Bullion and Jewellers Association (IBJA), 22-carat gold was priced at ₹9,679 per gram, while 24-carat gold reached ₹9,917 per gram around 12:50 p.m.
Silver prices also rose. MCX silver opened at ₹1,06,450 per kilogram, up ₹565 or 0.53 percent from the previous close of ₹1,05,885. It touched a high of ₹1,06,799 and was trading at ₹1,06,328 around 12:45 p.m., up 0.42 percent.
Globally, the rally mirrored international sentiment. Spot gold jumped 1.3 percent to $3,428.28 an ounce, the highest since May 7, while U.S. gold futures rose 1.4 percent to $3,449.60. Gold has climbed more than 3.5 percent so far this week.
The surge comes amid reports that Israel conducted airstrikes on Iran’s nuclear and military infrastructure, intensifying fears of broader regional conflict. Historically, such geopolitical instability pushes investors toward gold, which is considered a reliable store of value during crises.
Colin Shah, Managing Director of Kama Jewelry, commented, “Gold prices in India reaching an all-time high is in line with expectations, given the recent geopolitical escalations and a weakening Indian rupee.”
He added that while short-term resistance could emerge, MCX gold prices are expected to hover between ₹1,00,200 and ₹1,00,500 per 10 grams, depending on further international economic and political developments. (Source: IANS)
