Gold Hits All-Time High, Crosses Rs 1 Lakh-Mark Amid Israel Strike On Iran

On Friday, Indian gold glistened the brightest as the precious commodity crossed the Rs 1 lakh-mark to hit a record high of Rs 1,00,350 per 10 gm, according to the Indian Bullion Association.

Meanwhile, international gold futures have hit a nearly two-month high following the airstrike launched by Israel on Iran which has triggered a rally in safe haven assets like gold.

Gold futures climbed as high as $3,438.3, compared to $3,400.8 on April 22.

Israel launched airstrikes on Iran in a major escalation in the standoff over Tehran’s atomic programme that risks sparking a new war in the Middle East.

Explosions were heard in Tehran, according to local media. Iran had previously vowed to respond to any attack. 

In the national capital, the price of gold rose to Rs 99,980 from Rs 96,510 per 10 gm the previous day. Gold price in Mumbai was Rs 1,00,200 per 10 gm against Rs 96,680. In Kolkata, the rate was Rs 1,00,070 per 10 gm against Rs 96,550, while in Bengaluru the rate stood at Rs 1,00,280 per 10 gm. The price of the precious commodity was the highest in Chennai, trading at Rs 1,00,490 per 10 gm.

According to the Indian Bullion Association, India is the largest consumer of gold in the world, accounting for almost a quarter of the world’s total consumption.