Gold price soars to Rs 72,423 in India, a lifetime high

Mumbai: Gold futures on India’s Multi Commodity Exchange (MCX) rose to Rs 72,423 per 10 grams on Friday for June 5 delivery, tracking the rally in the international market which saw the price of the precious metal soar to a new lifetime high at $2,395.29 per ounce.

Gold futures on MCX recorded an increase of Rs 779 per 10 grams which is 1.09 per cent above the previous trading session’s closing price of Rs 71,644.

There was some variation in the retail gold prices in major cities across the country:

  1. The price in Delhi hovering at around Rs 72,380 per 10 grams for 24-carat gold.
  2. In Mumbai, the price was 72,230 per 10 grams.
  3. The gold price soars was highest in Chennai at Rs 73,370 per 10 grams.
  4. It was hovering around Rs 72,230 per 10 grams in Kolkata.

Gold prices continue to peak in the international market as central banks of various countries are resorting to large purchases of the yellow metal since it is seen as a safe-haven asset amid escalating geopolitical tensions in the Middle East and the Russia-Ukraine war.

Gold prices have shot up by around 15 per cent this year and the firm trend was also reflected in US gold futures which rose 1.2 per cent to $2,401.80 on Friday.

India is the second largest importer of gold after China and rising international prices have a direct bearing on domestic prices.  (IANS)

Also Read: Gold Price In India: Rates Remain Same For 24 Carat, 22 Carat On April 11

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