Gold Prices Rise Despite Modi's Appeal as Geopolitical Tensions Boost Demand
Gold and silver prices rose in India on Thursday, defying expectations that they would fall following Prime Minister Narendra Modi's appeal for people to avoid buying gold. According to a report by News24online.com, gold gained Rs 1,305 per 10 grams, while silver surged to Rs 2,38,150.
The international market also saw a rise in prices, with gold climbing 1.34% on the Comex exchange to USD 4,473.90 per ounce and silver increasing by 1.68% to USD 66.665 per ounce.
Commodity expert Ajay Kedia attributed the rise in gold prices to the US dollar and Treasury yields retreating from recent highs, improving demand for the safe-haven metal. He also noted that geopolitical tensions supported prices as the U.S. and Iran returned to a war footing.
The latest rates show 24 carat gold trading at around Rs 1,54,260 per 10 grams, while 22 carat gold was around Rs 1,41,405 per 10 grams. Silver prices in India were also around Rs 2,38,180 per kg.