Gold Prices Strike Record High Amid Middle East Tensions
Gold prices hit an all-time high of Rs 1,00,403 per 10 grams due to a weakening rupee and tensions in the Middle East. The rising geopolitical tensions, particularly between Israel and Iran, and a weaker rupee are driving investors towards gold as a safe-haven asset.
- Country:
- India
Gold prices surged to unprecedented levels, closing the day at Rs 1,00,403 per 10 grams, marking a record high due to escalating geopolitical tensions and a weakening rupee.
The ongoing strife in the Middle East, especially Israel's recent attack on Iran's nuclear facilities, has spooked global markets, causing investors to flock to safe-haven assets.
On the global front, gold futures also rallied significantly, fueled by unexpectedly positive US producer price index data, leading to speculation of a potential easing of the US Federal Reserve's monetary policy in the near future.
(With inputs from agencies.)
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