Gold prices recorded a strong rise on June 13 amid heightened tensions between Israel and Iran. Gold's August contracts on the Multi Commodity Exchange of India (MCX) hit an all time high level of Rs 1,00,403 per 10 grams today.
Let's check the latest prices of 10 grams of 22 carat and 24 carat gold in major cities of the country on June 13:
| City | Price of 24k gold | Price of 22k gold |
| Delhi | Rs 1,01,550/10g | Rs 93,100/10g |
| Mumbai | Rs 1,01,400/10g | Rs 92,950/10g |
| Chennai | Rs 1,01,400/10g | Rs 92,950/10g |
| Kolkata | Rs 1,01,400/10g | Rs 92,950/10g |
| Bengaluru | Rs 1,01,400/10g | Rs 92,950/10g |
| Jaipur | Rs 1,01,550/10g | Rs 93,100/10g |
| Lucknow | Rs 1,01,550/10g | Rs 93,100/10g |
| Hyderabad | Rs 1,01,400/10g | Rs 92,950/10g |
| Ahmedabad | Rs 1,01,450/10g | Rs 93,000/10g |
"Gold marked an all time of Rs. 1 lakh on domestic front and hovering close to $3500, as investors sought safe-haven assets after Israel's strike on Iran heightened Middle East tensions. Geopolitical tensions escalated after Israel struck Iran as tensions mounted over U.S. efforts to halt Iran's production of atomic bomb materials. This latest spike in hostilities in the Middle East has taken the focus off trade negotiations for now, and built the risk premium once again in the market. Israel declared a state of emergency, citing expected missile and drone attacks from Tehran, and the U.S. military is preparing for various contingencies in the Middle East, including potential assistance with evacuating American civilians," said Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial Services.
"On data front, US CPI was reported better than expectations but the PPI data was slightly higher than estimates. Number of Americans filing new applications for unemployment benefits held at an eight-month high last week, while slowing domestic demand helped to restrain producer prices in May. Dollar index and US Yields also inched lower amidst the economic data points. Focus today will be on US Michigan consumer sentiment," he added.
Also read: Gold prices breach key Rs 1 lakh level to hit record high amid Middle East tensions
Amod Khanorkar, Chief Rating Officer at Infomerics Valuation and Ratings, meanwhile said, "Given the geopolitical issues, gold is a safe haven and will have an upward bias in prices as a result of the conflict. Also, for India, movement in crude has a significant impact, directly or indirectly. The conflicts, such as what we are witnessing now, have, by and large, a negative connotation for credits, barring a few."
Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
