Gold prices in India climbed further on June 13, with 24-carat rates inching closer to the ₹1 lakh mark, driven by renewed geopolitical jitters following Israeli strikes on Iran. This marks the second consecutive day of gains, as investors appear to be moving towards the traditional safe haven.
In Delhi, gold had already touched ₹99,463 for 24-carat gold by morning, while 22-carat stood at ₹91,183. Mumbai, Pune, Kolkata, and Chennai all recorded similar highs, hovering between ₹99,300–₹99,323 (24-carat) and above ₹91,000 (22-carat).
In Kerala, where gold is often a barometer of consumer sentiment, 22-carat gold was priced at ₹9,295 per gram on June 13 — the highest this month. That works out to ₹74,360 per pavan (8 grams).
While 24-carat prices vary by seller, rates reportedly crossed ₹9,860 per gram in select markets, nudging towards ₹78,880 per pavan.
Analysts suggest that the market response is linked to concerns of a wider conflict brewing in the Middle East. With Iran threatening retaliation and reports surfacing about potential strikes on nuclear facilities, investors seem to be playing it safe — and parking their funds in gold.
Amod Khanorkar, chief rating officer at Infomerics Valuation and Ratings Ltd, noted that as long as the geopolitical tension persists, gold is likely to retain an upward bias. “Given the current situation, gold remains the go-to safe haven. If crude prices continue to move up as well, that could create added pressure on India’s credit markets,” he said.
The jump in domestic prices was substantial, with 24-carat gold up ₹880 per 10 grams across metros. Even 22-carat gold wasn’t far behind, rising ₹800 per 10 grams.
Chennai reported ₹99,311 for 24-carat and ₹91,031 for 22-carat gold. In Mumbai, the corresponding prices were ₹99,317 and ₹91,037. Pune edged slightly ahead at ₹99,323 for 24-carat and ₹91,043 for 22-carat. Kolkata mirrored those numbers.
Bangalore, usually a notch lower, wasn’t far behind either — posting ₹99,305 for 24-carat and ₹91,025 for 22-carat gold.
According to Jateen Trivedi of LKP Securities, the sharp rally in international markets is playing a major role. On the Multi Commodity Exchange (MCX), gold prices have already crossed ₹1,00,000 in intra-day trade.
Trivedi attributes this to market rumours about Iranian nuclear facilities being targeted and the potential for full-scale conflict. “Prices saw gains of ₹1,500–₹1,900 as Iran’s threat of retaliation heightened fears of escalation,” he said.
Internationally, gold on COMEX jumped $50 in a single day, trading above $3,425. At the same time, the Indian rupee slid 60 paise to 86.10 against the US dollar, making imported gold even costlier in the domestic market.
Short-term support for gold now stands at ₹98,000, with a resistance level around ₹1,02,500, Trivedi added — hinting that the upward trend might not be done just yet.
