Gold Prices in India surges up amid US-Iran tensions
Gold prices in India today surged to new highs, driven by a rally in global rates amid US-Iran tensions. On MCX, February gold futures surged 2.3% or ₹918 to a record high of ₹41,030 per 10 gram. On Friday, gold prices had surged over 2% or ₹850 per 10 gram. This takes two-day gain in gold prices in domestic markets to about ₹1,800 per gram as Middle East tensions increased the appeal of safe haven assets like gold. Silver rates also spiked today. Silver futures on MCX rose 2% or ₹947 to ₹48,474 per kg.
The Indian rupee today fell beyond ₹72 a US dollar amid a spike in global oil prices, further supporting gold prices. India imports most of its gold requirements.