Ahmedabad: Gold prices on the Multi Commodity Exchange (MCX) surged past the ₹1 lakh mark per 10 grams for the first time on Friday, driven by escalating geopolitical tensions in the Middle East that spurred strong demand for safe-haven assets. Silver prices also opened higher in early trading.

MCX gold opened at ₹99,500 per 10 grams, registering a jump of ₹1,108 or 1.12% from Thursday’s close of ₹98,392. The price soon climbed to ₹1,00,403, crossing the crucial psychological barrier. By 12:44 p.m., gold was trading at ₹99,673, up 1.30%.

Retail gold prices in India reflected a similar trend. According to the India Bullion and Jewellers Association (IBJA), as of 12:50 p.m., 22-carat gold was priced at ₹9,679 per gram, and 24-carat gold stood at ₹9,917 per gram.

Silver followed suit, opening at ₹1,06,450 per kg—an increase of ₹565 or 0.53% from the previous close. It touched a high of ₹1,06,799 before settling at ₹1,06,328 per kg by 12:45 p.m., up 0.42%.

The domestic rally mirrored international trends. Spot gold rose 1.3% to $3,428.28 per ounce, reaching its highest level since May 7, while U.S. gold futures advanced 1.4% to $3,449.60. Gold has gained over 3.5% so far this week.

The spike in bullion prices comes amid mounting concerns over a possible broader conflict in the Middle East as Israel launched airstrikes targeting Iran’s nuclear and military installations.

Geopolitical instability traditionally boosts gold’s appeal as a safe-haven asset in times of crisis. DeshGujarat