Record High
MCX gold prices at new highs, cross INR 100,000/10 gm as Israel strikes Iran
This story was originally published at 10:15 IST on 13 June 2025
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--MCX Aug gold contract hits fresh all-time high of INR 100,403 per 10 gm
--MCX Oct gold contract hits fresh all-time high of INR 101,295 per 10 gm
MUMBAI – Futures contracts of gold on the Multi Commodity Exchange of India rose to fresh all-time highs Friday, boosted by safe-haven demand due to mounting geopolitical tensions. The sharp rally came after Israel's pre-emptive strike on Iran, escalating fears of a broader conflict in West Asia.
At 1006 IST, the most-active August gold contract was nearly 2% higher at INR 100,135 per 10 grams, after touching an intraday peak of INR 100,403 per 10 grams earlier in the day. The October contract also stood 1.7% higher at INR 101,005 per 10 grams after touching an intraday all-time high of INR 101,295 per 10 grams.
Israel-Iran tensions have been building up after US negotiations over Iran's nuclear programme broke down in recent weeks. Israel's Prime Minister Benjamin Netanyahu said the attack could last "as many days as it takes" to remove the threat of Iran's nuclear programme.
In the early hours of Friday, the Israeli military carried out several strikes targeting Iran's nuclear facilities and military sites in and around the country's capital, Tehran, Al-jazeera cited Netanyahu as saying. Iran's Armed Forces General staff responded later on Friday, warning that Israel and the US will "pay a very heavy price". Iran's Foreign Ministry says Tehran has a "legal and legitimate" right to respond to Israeli attacks under the United Nations Charter, the report said.
"Risk-off sentiment prevailed in the global markets due to the incident," Dow Jones cited Tina Teng, an Auckland-based independent market analyst, as saying in a note.
Prices also rose due to a renewed uncertainty over the US' trade policies, including threats of unilateral tariffs by US President Donald Trump. Trump stated that the US will set its own terms for unilateral tariffs, overshadowing the optimistic narrative surrounding the US-China "trade truce" announced on Wednesday.
Trump said he intended to send letters to trading partners in the next one to two weeks setting unilateral trade tariff rates, ahead of a Jul. 9 deadline to reimpose higher duties on dozens of economies, Bloomberg reported.
The rise in prices was also supported by easing inflation pressures in the US. Recent US data indicating high unemployment benefit claims and subdued producer prices increased expectation of Federal Reserve rate cuts, enhancing the appeal of non-interest bearing assets such as gold. End
US$1 = INR 86.07
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Shreya Shetty
Edited by Akul Nishant Akhoury
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