Gold Prices Surge Amid Rising Middle East Tensions: Is ₹80,000 Next? - Read Now
Gold prices are soaring due to rising tensions in the Middle East. Recent events, such as Iran firing over 400 ballistic missiles at Israel, have created a lot of uncertainty in the region. This situation has not only affected oil prices but has also sent gold prices to record levels globally.
In the international market, gold is now close to $2,700 per ounce. Just a day ago, the market saw significant increases, with gold futures reaching about $2,694 per ounce. Although there was a slight drop on Wednesday, prices remain high. Currently, gold is trading around $2,681.40 per ounce, while spot gold prices are around $2,658.92 per ounce. Experts believe that gold prices may exceed $2,700 per ounce soon.
In Europe, spot gold prices have seen some fluctuations. They dropped slightly, trading at €2,401.77 per ounce. In the UK market, gold prices are around £2,001.28 per ounce, showing a minor decrease as well.
In India, gold prices are also on the rise. On the Multi Commodity Exchange (MCX), gold prices have crossed ₹76,500. After the market closed on Tuesday, the price increased by ₹779 per ten grams, reaching ₹76,390 per ten grams. During the trading session, gold even hit a high of ₹76,589 per ten grams. This year, gold prices have provided investors with over a 21% return, increasing by ₹13,386.
Now, many people are wondering if gold prices will reach ₹80,000 per ten grams. Analysts suggest that if the geopolitical tensions continue, gold prices could climb to this level by the end of the year. The ongoing uncertainty in the Middle East is providing support for gold prices, leading to expectations of further increases.
Investors are turning to gold as a safe haven amid these global tensions. As markets react to geopolitical events, people are looking for stable investments, and gold has always been a popular choice.
In conclusion, the rising tensions in the Middle East are pushing gold prices higher both internationally and in India. With expectations of further increases, many are closely monitoring the situation to see how high gold prices will go in the coming months.
