Iran-Israel War: Now, due to increasing tension between Israel and Iran (Iran-Israel War), the possibility of gold prices rising again has increased. The price of gold in Delhi is more than Rs 74 thousand per 10 grams.
There has been a sharp rise in the gold rate for some time now. From global level to India, gold rates have reached their all-time high level. Besides, a record increase has also been seen in the price of silver. Now there is a possibility of increase in the price of gold due to the war between Iran and Israel. Experts believe that gold and silver rates may increase further.
After a 10 percent rise in March, there has been a record increase in gold prices in April also. The increase in gold prices has got further impetus after the inflation data released by the Fed Reserve. Now, due to increasing tension between Israel and Iran (Iran-Israel War), there is a possibility of increase in the price of gold again.
Gold reached record level
On April 12, Comex Gold June futures were at $ 2,308.8 per troy ounce, while on MCX the price was recorded at Rs 73958 per 10 grams, which is its record high level. Whereas the silver price for May futures on MCX was Rs 86126 per 1 kg. Silver has increased by about 10 percent in February and by 5 percent in April.
Gold and silver became so expensive in April
Talking about gold rate, the price of 24 carat gold in Delhi has reached above Rs 74 thousand. In April, i.e. in about 9 days, the gold rate has increased by Rs 3765 from Rs 70605 per 10 grams to Rs 74,370 per 10 grams. Similarly, silver rates have also increased rapidly. On April 1, the price of silver bullion in the market was Rs 78 thousand per kg, but now it has reached Rs 85 thousand 500 per kg.
Why will gold prices increase due to tension between Israel and Iran?
Actually, gold and silver are considered a safe investment. In such a situation, in the midst of war or rising inflation, people prefer to invest in metals like gold and silver without taking much risk. Now, due to the war between Iran and Israel, the demand for gold is going to increase rapidly, due to which its rate will also increase.
Wedding season is also starting
The demand for jewelery is also going to increase in India because the wedding season is also going to start. In such a situation, it is possible to purchase a lot of gold and silver. There was a record purchase of 1,081.9 tonnes in the year 2022 and 1,037.4 tonnes in 2023, due to which record purchases are expected in 2024 also. Therefore, the price of gold may increase further.
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