In global markets, gold prices today surged 1.5% to $1,579.55 per ounce, the highest level in about six years. The gains extended Friday’s surge after a US air strike in Iraq killed top Iranian commander Qassem Soleimani. The killing has heightened concerns of a widening Middle East conflict.
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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.
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.
In India, physical gold buying was subdued as a surge in prices hit demand. Dealers were offering a discount of up to $13 an ounce over official domestic prices last week, compared to a premium of $1 an ounce in the previous week, Reuters reported. The domestic gold price in India includes a 12.5% import tax and 3% GST.
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The sudden price rise has surprised everyone, the report quoted a gold wholesaler as saying.
Gold imports into India fell 12% from a year ago, the lowest level in three years, as a rally in domestic prices hurt demand, a report said. Gold prices had surged nearly 25% in domestic markets last year.
US President Donald Trump on Sunday threatened “major retaliation” if Iran avenges the killing of a key military commander and he warned of massive economic sanctions against ally Iraq if the country expels US troops based there.
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