Gold Rate: Gold and Silver Prices Surge: Gold Tops 99K, Silver Exceeds 1 Lakh on MCX

The prices of gold and silver have seen a sharp rise on the Multi Commodity Exchange (MCX), with both metals reaching new record levels. This surge comes amid growing global instability due to the ongoing Iran-Israel conflict, which has significantly impacted investor sentiment and triggered a rush towards safe-haven assets. Initially, gold had shown a slight decline in recent days due to market volatility. However, it has now rebounded strongly. On the MCX, the price of 10 grams of gold rose from ₹99,185 to ₹99,200, breaching the crucial ₹99,000 mark for only the second time in Indian bullion market history.

At present:

• Gold futures high: ₹1,01,078 per 10 grams

• Silver futures high: ₹1,09,748 per kilogram

The price of silver, which had already been climbing steadily since the beginning of the session, has recorded a substantial increase. Silver futures opened at ₹1,06,495 and quickly reached ₹1,06,630, later touching a peak of ₹1,09,748. In the international market, silver prices have also seen a significant upswing over the past few days.

In terms of physical gold rates:

• 24-carat gold (10 grams) is now priced at ₹1,01,850 (including GST)

• 23-carat gold (10 grams) stands at ₹98,488 (excluding GST)

• The price of silver has increased by ₹20,783, reaching ₹1,07,000 per kilogram

Market experts attribute this surge to escalating geopolitical tensions and rising inflation fears, both of which have prompted increased buying in precious metals. Investors are advised to remain alert as continued volatility is expected in the coming weeks. This dramatic rise in gold and silver prices could impact jewellery demand and consumer sentiment, especially with the festive and wedding season approaching.