Article by Hiral Jamindar
After instability in Middle East tensions, bullion market saw hike with Gold and silver prices in India continued their rally, lifted by a surge in global rates. On MCX, gold futures prices on Friday rised over 2% or ₹850 to ₹40,130 per 10 gram, adding ₹2,000 per 10 gram in just two weeks. Following gold, silver prices too have surged, closing 1% higher at ₹47,520 on Friday.
In global markets, gold prices surged to a 6-year high after a US airstrike killed one of Iran’s most powerful generals, ratcheting up tensions in the Middle East and driving demand for safe have assets. Gold rose as much as 1.5% to $1,551.52 an ounce in the spot market on Friday. Gold was also supported by weak US ISM manufacturing data, strengthening the case for owning bullion as a hedge against dimming growth outlook.
