Gold Rate In India At Historic High! Price Beyond Rs 1 Lakh Mark on Fri; Check Delhi, Mumbai, Bangalore Rates

Gold Rate In India: The price of yellow metal in India surged to a record level on Friday, June 13, as part of a wider international gold price rally amid renewed tensions in the Middle East post Israel strikes on Iran. The price of gold in India surged today to cross the Rs 1 lakh mark another time in two months.

Gold rate in India today rallied, mirroring a worldwide surge in the price of the precious metal. Apart from gold, crude oil prices have also surged significantly on Friday after Israel conducted air strikes on Iran's nuclear sites and military leadership. Back in India, the development is likely to deter jewellery buyers from purchasing gold today.

Gold Rate in India Today, June 13, Friday

The price of 24 karat gold in India surged by Rs 21200 per gram to Rs 1,01,400 per 10 gram. Likewise, 22 karat gold rate in India today jumped by Rs 1950 per 10 gram to Rs 92950 per 10 gram. 18 karat gold rate today stood at Rs 76050, which is Rs 1590 higher than its previous rate.

Gold rates in India have been fluctuating significantly over the past few weeks as the price of the precious metal declined for some days last week. However, the gold price movement took a U-turn and surged over more than Rs 2,000 in last three days. The recent surge in gold rate today has taken the yellow metal's price to a record level.

Gold emerges as a safe haven for investors seeking to protect their portfolios from geopolitical uncertainties and stock market volatility. Additionally, gold often remains in demand among central banks of many countries to bolster their monetary policies and the health of their economies.

Commenting on the impact of Iran-Israel tensions on gold rates today, Nirmal Bang brokerage noted, "Gold prices surged and oil soared over 13% after Israel conducted airstrikes on Iran's nuclear sites and military leadership, sparking fears of escalating Middle East hostilities.The precious metal climbed 1.6% on the news, with Prime Minister Benjamin Netanyahu vowing to continue the operation until the threat is removed, and Iran promising a harsh response against Israel and the US."

Explaining Israel-Iran tensions' ripple-effect on gold rate in India today, Nirmal Bang added, "Gold and silver prices are trading higher today on the international bourses. We expect precious metals prices on Indian bourses to trade higher for the day; as gold prices spiked after Israel conducted airstrikes."

Gold Rate In Indian Cities

In major Indian cities, the price of 24K gold is consistent at ₹10,140 per gram in Chennai, Mumbai, Kolkata, Bangalore, Hyderabad, Kerala, Pune, and Vadodara. Gold rate in Bangalore today stood at Rs 10140, Rs 9295, and Rs 7605 per gram for 24, 22, and 18 karat gold respectively. Similarly, gold rate in Mumbai stood at Rs 10140, Rs 9295, and Rs 7605 per gram for 24, 22, and 18 karat gold category.

However, Delhi and Ahmedabad show slight variations with prices at ₹10,155 and ₹10,145 respectively. The 22K gold rate is uniform at Rs 9,295 per gram in most cities except Delhi and Ahmedabad where it is slightly higher.

The international gold price today jumped by more than 1% above $3440 on Friday to create another record as investors remained cautious due to escalating geopolitical tensions and trade uncertainty, according to Trading Economics.

The gold price rally has come in the backdrop of heightened curiosity among investors about developments in US-China trade talks. Additionally, softer-than-expected US consumer and producer inflation data earlier this week has raised expectations for additional Federal Reserve rate cut.

"Traders are currently pricing in a 68% chance of an interest-rate cut by the U.S. central bank in September, according to the CME FedWatch tool. On the trade front, U.S. President Donald Trump, opens new tab said a deal with China was done, with Beijing supplying magnets and rare earth minerals, while Washington would allow Chinese students at its colleges and universities. Focus now shifts to US PPI data scheduled later in the day," said Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial services Ltd.

Disclaimer: The write-up is just for information purposes, and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on article mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.