Gold futures on MCX breached ₹1 lakh per 10 grams for the first time, driven by geopolitical tensions, a weak rupee, and rising demand for safe-haven assets.
Gold futures on the Multi Commodity Exchange (MCX) breached the ₹1 lakh per 10 grams mark for the first time ever on Friday, driven by a weak rupee, escalating geopolitical tensions, and strong international demand for safe-haven assets. MCX gold futures opened ₹1,108 points higher at ₹99,500 per 10 grams and surged to an all-time high of ₹1,00,403. As of 9:50 AM, it was trading at ₹1,00,233, up 1.87% from the previous close.
This sharp rally followed on reports of escalating tensions between Israel and Iran. Israel’s wide-ranging attack on Iran’s nuclear facilities, heightening geopolitical uncertainty in the Middle East and fuelling global demand for safe-haven assets like gold. International spot gold rose 1.5% to $3,435.77 an ounce(at 8:25 am IST), marking its highest level since early May and a weekly gain of over 3.5%. U.S. gold futures also climbed 1.4% to $3,449.60.
In the last month, the international spot gold prices have jumped by 5.54% while on a year-to-date basis, it is up by 30.71%. In the last 12 months, the price has soared by 47.54%, outperforming Indian equity benchmark indices. In the longer period of 5 years, it has surged by over 103%.
Gold's historic breakout above ₹1 lakh marks a key shift driven by geopolitical risks and global safe-haven demand, with volatility expected to persist in the near term.
Disclaimer: The article is for informational purposes only and not investment advice.
For android only