Gold rate breaks record, crosses Rs 1 lakh

New Delhi (The Uttam Hindu): Gold prices on the Multi Commodity Exchange (MCX) rose by about two percent on Friday and crossed Rs 1 lakh per 10 grams. The reason for the rise in gold is the increasing conflict between Israel and Iran in the Middle East.

Along with gold, silver prices are also seeing a rise. Gold opened at Rs 99,500 per 10 grams on MCX, up by Rs 1,108 or 1.12 percent. On Thursday, gold closed at Rs 98,392 per 10 grams. After this, in the early trade itself, gold crossed the level of Rs 1 lakh on MCX and reached Rs 1,00,403 per 10 grams. At 2:35 pm, gold was at Rs 1,00,079 per 10 grams with a rise of 1.71 percent. Silver was at Rs 1,06,639 per kg with a rise of 0.71 percent. There has been a jump in the prices of gold and silver in the futures market as well as on the spot. The price of 10 grams of 24 carat gold has increased to Rs 99,170, which was earlier at Rs 97,455 per 10 grams.

The price of 22 carat gold has increased to Rs 90,840 per 10 grams, from Rs 89,269 per 10 grams earlier. The price of 18 carat gold has increased to Rs 74,378 per 10 grams, from Rs 73,091 per 10 grams earlier. The price of silver has also seen an increase and it has increased to Rs 1,06,240 per kg, from Rs 1,05,498 earlier. Colin Shah, Managing Director of Kama Jewellery, said that due to geopolitical tensions and weakening of the Indian rupee, gold prices in the country are expected to reach an all-time high. He further said that gold prices may face resistance in the short term, but due to international economic and political developments, gold on MCX can remain between Rs 1,00,200 and Rs 1,00,500 per 10 grams.