Gold Rates Surge in Top Indian Cities Amid US-Israel-Iran Conflict
The recent ceasefire agreement between the US, Israel, and Iran led to increased market volatility, causing significant hikes in gold rates across major Indian cities. This news is critical for investors looking to purchase gold during the wedding season.
Highlights
- •* US-Israel-Iran conflict halts fighting but drives global markets' volatility
- •* Gold prices rise by ₹650 in 22-carat and ₹680 in 24-carat across major Indian cities
- •* Hikes recorded in Delhi, Mumbai, Kolkata, Hyderabad, Chennai, Bengaluru, and Ahmedabad
- •Investment opportunities for gold amid geopolitical uncertainty
The recent ceasefire agreement between the United States, Israel, and Iran has had an immediate impact on global markets, including the precious metals industry. This week, gold prices soared across major cities in India, with a significant hike recorded across different carats.
According to current reports, 22-carat gold saw an increase of ₹650 per 10 grams, while 24-carat gold witnessed a jump of ₹680 per 10 grams. These changes bring the prices to new levels in key cities such as New Delhi, Mumbai, Kolkata, Hyderabad, Chennai, Bengaluru, and Ahmedabad.
New Delhi saw an increase of ₹650 in the price of gold with 999 purity, marking a rise of ₹138,350 per 10 grams for 22-carat gold. The new rate for 24-carat gold is ₹145,270, up by ₹680 from the previous day.
Mumbai also recorded a significant rise in both carats. The price for 22-carat gold increased to ₹137,850 per 10 grams, while the rate for 24-carat gold hit ₹144,740, an increase of ₹680 from yesterday.
In Kolkata, the price of 22-carat gold rose by ₹650 to ₹138,850 per 10 grams. The rate for 24-carat gold increased by ₹680 to ₹145,790.
In Hyderabad, the price of 22-carat gold went up by ₹500 to ₹138,600 per 10 grams. Meanwhile, the rate for 24-carat gold saw an increase of ₹520 to ₹145,530.
Top Factors Driving Gold Prices
The primary driver behind this surge is the ongoing geopolitical tension and its impact on stock markets. Investors are seeking safe-haven assets such as gold amid these uncertainties. Additionally, seasonal factors ahead of weddings also contribute to higher demand for metals like gold.
Chennai recorded an increase of ₹500 in 22-carat gold prices at ₹138,600 per 10 grams, with 24-carat gold hitting ₹145,530 after a rise of ₹520.
In Bengaluru, 22-carat gold saw an increase of ₹650 to ₹138,450 per 10 grams. The rate for 24-carat gold increased by ₹680 to reach ₹145,370.
Similar trends were witnessed in Ahmedabad, where the price of 22-carat gold rose by ₹650 to ₹138,390, while 24-carat gold was recorded at ₹145,310 per 10 grams following an increase of ₹680.
