Gold prices have recorded a record high due to deepening tension between the US and Iran. On Wednesday, the third trading day of the week, gold started at Rs 40,946 per ten grams on Multi Commodity Exchange (MCX), India's largest futures market.
At the same time, gold rose to Rs 41278 per 10 grams. It is the gold's all-time high. Apart from this, silver was trading at Rs 48,661 per kg with a gain of Rs 550 i.e. 1.15 per cent. Meanwhile, on the international futures market Comex on Wednesday, gold's February contract gained $ 17.05, or 1.08 per cent, to trade at $ 1,591.35 an ounce.
Earlier, during the trading, gold rose on Comex to $ 1,612.95 an ounce, which is the highest level since February 19, 2013 when gold rose by $ 1,617 an ounce. Silver on Comex gained 1.14 percent from the previous session and was trading at $ 18.60 an ounce.
Reason of Boom
Due to tensions between the US and Iran, the trend in gold is seen as investors are inclined towards safe investment. Let us know that on Friday, the US launched an air raid on the airport in Baghdad, the capital of Iraq. Iran's commander General Qasim Suleimani died in this attack.
This incident has increased the tension between the two countries. Crude oil prices have increased in the international market due to stress. On Wednesday, the price of crude oil crossed $ 71 per barrel. Earlier, the price of crude oil went up to $ 71.95 per barrel on 16 September 2019. At that time, two plants of the world's largest oil company based in Saudi Arabia had a drone attack.
