As soon as the Indian bullion market opened on Tuesday, July 14, a huge jump was recorded in the prices of gold and silver. Due to the deepening military dispute between America and Iran, the demand for gold as a safe investment has increased. The price of gold per 10 grams has jumped by Rs 1,240 to reach a record level of Rs 1,41,820. At the same time, silver has also gained momentum and crossed the mark of Rs 2,19,880 per kg.
Global tension creates stir in domestic market
These days, there is an atmosphere of great uncertainty in the international market, the direct impact of which is visible on the commodity market. Tension between America and Iran is at its peak. US President Donald Trump’s announcement of imposing shipping fees on commercial ships passing through the Strait of Hormuz has increased market concerns. Along with this, a plan to re-impose the blockade of Iranian ports has come to light.
Talking about military confrontation, America has targeted Iran’s military bases for the third consecutive night. Retaliating, Iran also attacked two oil tankers of the United Arab Emirates in the Strait of Hormuz. After this tension, a warning of air strikes has been issued in the Gulf region. There is a fear of disruption in the supply of crude oil, due to which global investors are withdrawing money from the stock market and turning to gold and silver for safe investment.
Latest gold prices in metros
According to the data of Bullions.co.in, till 10:51 am on July 14, gold prices increased by 0.880 percent. The price of 24 carat gold has become Rs 14,182 per gram i.e. Rs 14,18,200 per 100 grams. At the same time, the price of 22 carat gold used in making jewelery was recorded at Rs 1,30,002 per 10 grams.
Talking about major cities of the country, in New Delhi, 24 carat gold is being sold at Rs 1,41,100 and 22 carat gold is being sold at Rs 1,29,342 per 10 grams. The rate of 24 carat in the financial capital Mumbai is Rs 1,41,340. This price has reached the level of Rs 1,41,750 in Chennai, Rs 1,41,150 in Kolkata, Rs 1,41,450 in Bengaluru and Rs 1,41,570 per 10 grams in Hyderabad. On the domestic futures market (MCX) too, gold is trading at Rs 1,41,440, up by Rs 1,131 (0.81%).
Silver prices broke records
On the lines of gold, silver prices are also continuing their strong rise. On July 14, a big increase of Rs 2,130 was seen in the price of silver. With this increase of about 0.980 percent, the price of one kg silver crossed Rs 2,19,880. Silver is not lagging behind even on the futures market i.e. MCX. Here it is trading at Rs 2,20,110, showing a strong rise of Rs 2,392 (1.10%).
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