Friday marked a dramatic increase in gold prices on the Multi Commodity Exchange (MCX), surpassing the Rs 1 lakh threshold per 10 grams.
The rise occurred as demand for the yellow metal in safe havens increased due to growing geopolitical tensions in the Middle East. In the early hours, silver prices also increased.
At Rs 99,500 per 10 grams, MCX gold opened at Rs 1,108, or 1.12%, higher than its closing price of Rs 98,392.
The price quickly rose to Rs 1,00,403, breaking above the Rs 1 lakh barrier for the first time. Gold was up 1.30 per cent at Rs 99,673.00 at 12:44 p.m.
The increase was also reflected in India's retail gold pricing. Around 12:50 p.m., 22-carat gold was selling for Rs 9,679 per gram, while 24-carat fine gold was selling for Rs 9,917 per gram, according to data from the India Bullion and Jewellers Association (IBJA).
A similar pattern was seen in silver, which opened at Rs 1,06,450 per kg, up Rs 565 or 0.53% from its previous close of Rs 1,05,885.
At 12:45 p.m., it was up 0.42 per cent at Rs 1,06,328.00 per kg, having reached a high of Rs 1,06,799.
The worldwide market, where gold reached its highest level in more than a month, is reflected in the increase in domestic prices.
Spot gold reached its highest level since May 7 and then increased 1.3% to $3,428.28 an ounce. At $3,449.60, US gold futures were up 1.4%. So far this week, the metal has increased by more than 3.5%.
Increased tensions between Iran and Israel coincide with the bullion rise. According to reports, Israel launched airstrikes against Iran's military and nuclear installations, escalating concerns about potential regional conflict.
Because gold is viewed as a safer asset in times of crisis, investors are often drawn to it by such geopolitical uncertainty.
"Given the latest developments in geopolitical tensions and the weakening of the Indian Rupee, the gold prices in India hitting an all-time high is on expected lines," said Colin Shah, Managing Director of Kama Jewellery, in response to the recent spike.
Although there will probably be short-term resistance to gold prices, he continued, they might range between Rs 1,00,200 to Rs 1,00,500 per 10 grams on the MCX, contingent on global political and economic developments.
[Except for the headline, this article has not been edited by the Benefit News editorial team and is published directly from the IANS news feed.]
&nbsp;

Gold crosses ₹1 lakh per 10g on MCX as Iran-Israel tensions rise; silver prices also climb.

Gold Surges Past ₹1 Lakh on MCX Amid Middle East Tensions

Gold crosses ₹1 lakh per 10g on MCX as Iran-Israel tensions rise; silver prices also climb.

June 13, 2025 | 19:58 IST