Gold has improved in the safest means of investment amidst uncertainty between the US and Iran in the global market. After the military tension in the Gulf region, gold prices in the futures market of India rose by more than Rs 1,800 per 10 grams on consecutive days, while in the spot market gold has reached 42 thousand rupees.
On Monday, the price of gold in the futures and spot markets of the country went to record highs. At the same time, the price of gold in the international market is at the highest level since 2013. On the Multi Commodity Exchange (MCX), the price of gold had closed at Rs 39,277 per 10 grams on Thursday, which went up to Rs 41,096 per 10 grams on Monday. In this way, gold rose by Rs 1,819 per 10 grams on MCX for two consecutive seasons.
Talking about the spot market, on Thursday, the price of 999 purity gold in the Indian bullion market was Rs 39,215 per 10 grams, which rose to Rs 40,842 per 10 grams on Monday. At the same time, the price of gold with GST on Monday was Rs 42,067 per 10 grams.
According to news agency IANS, the most active gold contract on MCX was trading at Rs 4018 per 10 gram, up by Rs 418, or 1.04 per cent, from the previous session at 9.45 pm on February expiry contract. The price jumped to Rs 41096.
Silver in March expiry contract on MCX was trading up by Rs 48 to Rs 47,575 per kg as compared to the previous session, while silver rose by Rs 48,660 per kg in early trade.
At the same time, on the international futures market Comex gold in February contract was trading up by $ 11.35 i.e. 0.73 percent at $ 1,563.75 an ounce. The highest level since September 2013, when gold closed at $ 1,592 an ounce.
However, the price of silver declined. Comax was trading 0.27 per cent lower at $ 18.10 an ounce in March contract of silver.
The crisis in the Gulf region has deepened after US President Donald Trump warned of a ban on Iraq amid military tensions arising in the Gulf region due to a confrontation between the US and Iran. Therefore, the trend of investors towards safe investment has increased, so the price of expensive metals is seeing a strong rise.
