Gold prices steady amid geopolitical tensions: Check city-wise rates today

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The price of 24-carat gold exhibited a marginal decline of ₹10 in early trade on Friday, April 19, according to data sourced from the GoodReturns website. 10 grams of the precious metal were valued at ₹73,790.

The disparity in gold prices across key Indian cities is evident, as depicted in the following table:

Globally, gold has been buoyed by escalating tensions in the Middle East, particularly between Israel and Iran.

Investors, seeking refuge from geopolitical uncertainty, have flocked to gold, driving its prices higher, according to news agency Reuters report.

US gold prices surged on Friday, poised for their fifth consecutive weekly gain, reflecting the ongoing demand for safe-haven assets amidst political turmoil.

Everett Millman, chief market analyst with Gainesville Coins, emphasised the role of geopolitical tensions in influencing gold prices.

“When there are geopolitical tensions, the natural response is for investors to flee to gold, which is happening now,” he was quoted as saying in a Reuters report.

Millman suggested that in the event of further escalation, gold prices could soar to $2,500-2,600 per ounce, whereas a ceasefire could prompt a decline to $2,200.

In the domestic market, experts foresee a continuation of upward momentum.

Notably, the yellow metal has already surged more than 15% in the past three months and emerged as the best-performing asset class since the beginning of 2024.

Nirav Bhansali, a member of the Gem & Jewellery Export Promotion Council (GJEPC), predicts further growth, stating that gold prices may surge to ₹75,000 per 10 grams by the year’s end.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow