New Delhi, June 13 (IANS) Gold prices have increased by nearly two percent to one lakh rupees per 10 grams on the Multi Commodity Exchange (MCX) on Friday.
The rapid increase in gold is the increase of conflict between Israel and Iran in the Middle East.
Silver prices are also seeing a rise with gold.
Gold on MCX opened Rs 1,108 or 1.12 percent to Rs 99,500 per 10 grams. On Thursday, gold closed at Rs 98,392 per 10 grams.
After this, gold crossed the level of Rs 1 lakh at MCX in early trade and reached Rs 1,00,403 per 10 grams. At 2:35 pm, Gold rose by 1.71 percent to Rs 1,00,079 per 10 grams. Silver rose 0.71 percent to Rs 1,06,639 per kg.
Along with the futures market, gold and silver prices have seen a rise in the spots. The price of 10 grams of gold of 24 carat has increased to Rs 99,170, which was earlier at Rs 97,455 per 10 grams.
The price of 22 carat gold has increased to Rs 90,840 per 10 grams, which was earlier Rs 89,269 per 10 grams. The price of 18 carat gold has increased to Rs 74,378 per 10 grams, which was earlier at Rs 73,091 per 10 grams.
The price of silver has also seen an increase and it has increased to Rs 1,06,240 per kg, which was earlier Rs 1,05,498.
Colin Shah, managing director of Cama Jewelery, said that due to geopolitical tension and weakening of Indian rupees, gold prices in the country are expected to reach the highest level.
He further stated that gold prices may face resistance in short term, but gold on MCX can be between Rs 1,00,200 to Rs 1,00,500 per 10 grams due to international economic and political developments.
-IANS
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