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Gold price breaches Rs 40,000 per 10 grams, likely to gain further

MCX Gold spiked to a four-month high after a US airstrike killed one of Iran’s most powerful generals, ratcheting up tensions in the Middle East.

January 06, 2020 / 04:01 PM IST

Gold prices rose Rs 877 to Rs 40,092 per 10 gram in the Mumbai bullion on rupee depreciation and safe-haven buying due to geopolitical tensions in the Middle East.

10 gram 22-carat gold in Mumbai was priced at Rs 36,724 plus 3 percent GST, while 24-carat 10 gram was Rs 40,092 plus GST. 18-carat gold quoted at Rs 30,069 plus GST in the retail market.

The precious metal surged after a US airstrike on Friday morning killed Iran Quds Force chief Qassem Soleimani and top Iraqi militia commander Abu Mahdi al-Muhandis on their convoy at Baghdad airport, escalating the already-flared relationship between the US and Iran.

Ravindra Rao, VP- Head Commodity Research at Kotak Securities said, ‘Today’s development will further intensify tensions between US and Iran and spur safe-haven buying in gold. However, market reaction may subside if there is no retaliatory move by Iran or no major exchange of words between Tehran and Washington."