Gold rate today: Gold prices in India surged sharply on Friday, climbing by Rs 2,200 to reach Rs 1,01,540 per 10 grams in the national capital, as geopolitical tensions intensified following Israel’s military strike on Iran. The rally marked the third consecutive day of gains and brought the precious metal within touching distance of its all-time high of Rs 1,01,600, recorded on April 22.According to the All India Sarafa Association, gold of 99.5 per cent purity jumped Rs 1,900 to Rs 1,00,700 per 10 grams (inclusive of all taxes) by late afternoon, PTI reported.Silver prices also witnessed strong upward momentum, rising by Rs 1,100 to hit Rs 1,08,100 per kg — the same level it had touched earlier this week to mark a lifetime high.At the Multi Commodity Exchange (MCX), the most-traded August delivery contract zoomed by Rs 2,011 to cross the Rs 1 lakh-mark for the first time, reaching Rs 1,00,403 per 10 grams during morning trade.In international markets, spot gold rose by $28.30, or 0.84 per cent, to $3,415.13 per ounce. The global rally was driven by heightened safe-haven demand amid fears of a broader conflict in the Middle East and increased market anxiety over US trade policy and monetary direction.“Gold prices touched a new high and scaled past the Rs 1 lakh-mark per 10 gram while in the international markets, the bullion soared past $3,440 per ounce as investors flocked to safe-haven assets amid mounting global instability,” said Rahul Kalantri, Vice President of Commodities at Mehta Equities.Also Read | Gold vs Silver: Why silver may outperform gold soon; precious metal prices surge, record-breaking rally likelyKalantri added that the sharp rally was triggered by Israel’s pre-emptive strike on Iranian targets, exacerbating regional instability. The uncertainty was compounded by renewed tensions over US trade policy, including President Donald Trump’s threats of unilateral tariffs. Remarks by US Treasury Secretary Scott Bessent about a possible extension of the 90-day tariff pause failed to ease investor concerns.The gains in bullion were also supported by expectations that the US Federal Reserve could cut interest rates further, following weaker-than-expected US inflation data. Lower interest rates typically make non-yielding assets like gold more attractive.Later in the day, gold trimmed some of its early gains and was seen trading at Rs 99,906 per 10 grams, still maintaining a strong positive bias.Silver, meanwhile, consolidated its gains and matched its record price levels. This comes amid robust industrial demand and safe-haven buying driven by geopolitical risks.Kaynat Chainwala, AVP–Commodity Research at Kotak Securities, said investors will now closely watch the upcoming University of Michigan Consumer Sentiment report, particularly its inflation expectations component, to assess further direction for gold and monetary policy trends.With multiple tailwinds ranging from global conflict to monetary easing prospects, analysts suggest bullion could continue to attract risk-averse investors in the near term.
