Gold prices climbed to a seven-week high on Thursday as investors turned to the safe-haven asset despite hopes of easing US-Iran tensions. MCX gold gained over Rs 1,200 per 10 grams.
Gold prices have once again crossed the $5,100 per ounce level in global markets, signalling a strong recovery in precious metals. The rise comes after a period of volatility in commodities markets, with investors returning to safe-haven assets amid global economic uncertainty. Market analysts say the renewed rally in gold reflects growing concerns over geopolitical.
Spot gold prices slipped below the $4,000 per ounce after a significant increase this year, dipping 2.7 per cent from last week to $3,984.43 an ounce, data showed on Monday.
There was a rise in the price of gold and silver this week. According to the India Bullion and Jewellers Association (IBJA), on the last trading day of last week, Friday, July 11, gold was at Rs 97,511, which has now reached Rs 98,243 per 10 grams on July 18.
There is an increase in the price of gold today, i.e. on July 10. According to the India Bullion and Jewellers Association (IBJA), the price of 24 carat gold has increased by Rs. 753 to Rs. 96,838 per 10 grams.