As of 07:01 am, spot gold was trading 0.76 per cent per cent lower, or USD 35, at USD 4,712. Prices in the January hit their highest level. However, from today’s intraday high of USD 4,748, spot gold remains nearly USD 30 below the record level of USD 5,595.46.
On Wednesday U.S. President Donald Trump said that he has agreed to a two‑week ceasefire with Iran, halting what he described as “bombing and attack” operations after accepting a 10‑point peace proposal from Tehran tied to the full and safe opening of the Strait of Hormuz. The move marked a sudden pause in a six‑week war sparked by joint U.S.‑Israeli airstrikes on February 28, and follows stark warnings from Trump earlier that Iran faced catastrophic consequences if negotiations failed.
In New Delhi, the price stood at Rs 1,52,370, per 10 gm, and in Mumbai, it stood at Rs 1,52,630 on Monday.
In Bengaluru, the rate stood at Rs 1,52,750, while in Kolkata, it was Rs 1,52,430 per 10 gm. The price of the precious commodity in Chennai was the highest at Rs 1,53,070 per 10 gm.
The May 5 futures rose to Rs 1,51,270 according to the Multi-Commodity Exchange. The spot prices of the yellow metal were USD 4,712 on Monday.
Notably, Gold prices could surge to USD 6,500 in the international market by July or August amid escalating geopolitical tensions, potentially pushing domestic prices up by Rs 4,500-5,000 if the rupee remains stable, industry experts said in an exclusive interview with ET Now Swadesh. While elevated prices and volatility have dampened overall demand, with discounts emerging in the physical market and investment interest shifting towards ETFs, wedding-related buying continues to lend some support.
Nitin Kedia, National General Secretary, All India Jewellers & Goldsmith Federation (AIJGF), said, “it is expected that Gold could see the $6,500 level in the international market by July or August. Accordingly, in India, we may see a rise of approximately Rs 4,500-5,000, assuming the rupee remains stable.”
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
