Gold rate today: Gold August futures on the MCX surged Rs 2,011 or 2.04% higher, surpassing Rs 1 lakh to reach Rs 1,00,403 per 10 grams on Friday, driven by safe-haven purchases due to Israel-Iran conflicts and a weakening dollar index.Silver July futures demonstrated positive movement, commencing trading at Rs 1,06,695 per kg, reflecting an increase of Rs 810 or 0.76%.The previous day witnessed positive closures for both precious metals in domestic and international markets. Gold August futures concluded at Rs 98,392 per 10 grams with a 1.75% gain, whilst silver July futures finished at Rs 1,05,885 per kg, increasing by 0.47%.
Why are gold & silver prices rising?
Gold and silver prices increased further as Middle East tensions between Israel and Iran intensified. International gold prices exceeded $3,400 per troy ounce due to safe-haven demand. Indian gold futures achieved an unprecedented milestone, exceeding Rs 1 lakh per 10 grams, according to an ET report.The declining dollar index supported precious metal prices. The US Dollar Index, DXY, registered at 98.23, showing a decrease of 0.31 or 0.32%.The intensifying situation in the Middle East has raised apprehensions regarding potential interruptions to global oil distribution, particularly affecting crucial pathways such as the Strait of Hormuz.Also Check | Gold price prediction today: What’s the gold rate outlook for June 13, 2025 after Israel strikes Iran – should you buy or sell?The Israeli administration verified in the early hours of Friday that it conducted aerial attacks on Iran, with detonations noted in Tehran. These military actions were conducted as part of Israel’s systematic operations to weaken Iran’s nuclear facilities and missile development programmes.The United States Producer Price Index and Core PPI figures disclosed on Thursday suggest decreasing inflation rates in the US, potentially allowing the Federal Reserve to consider interest rate reductions. Additionally, US unemployment claims increased to 248,000, which positively influenced precious metal valuations.“Gold prices hit 6-week highs and prices sustaining above $3,400 could show further strength in the upcoming session,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.“We expect gold and silver prices to remain volatile in today’s session amid volatility in the dollar index and geo-political tensions; gold prices could hold its key support level of $3,330 per troy ounce and silver prices could also hold $35.00 per troy ounce levels on a weekly closing basis,” he told ET.Renisha Chainani, Head of Research at Augmont, stated that “unless there is a sudden shift in global risk sentiment or aggressive monetary tightening, gold will likely remain firm, potentially heading towards Rs 1,05,000 in the medium term.”According to Manav Modi, Senior Analyst at Motilal Oswal Financial Services, gold has demonstrated remarkable growth, surging over 30% since the year’s beginning, despite notable price variations.Also Read | Gold vs Silver: Why silver may outperform gold soon; precious metal prices surge, record-breaking rally likelyThe price fluctuations are attributed to several factors, including President Trump’s tariff modifications, international political tensions, and worldwide economic growth concerns. Despite the adjustment in US-China tariffs, persistent market uncertainty and underwhelming US economic indicators continue to bolster gold valuations.In his long-term assessment, Modi identifies substantial support levels between Rs 88,000-90,000 per 10 grams and advocates purchasing during price declines. His forecast suggests gold prices could advance to Rs 1,00,000-1,06,000 over the next 12-15 months, provided crucial support levels hold steady.
