Gold prices today: Yellow metal trades higher as Iran-Israel tensions push demand for safe assets

Gold rates edged higher at the markets in the trading session on Monday, April 15, in the backdrop of a jittery weekend when tensions escalated in the Middle East due to Iran’s attack on Israel.

During the early trading hours, spot gold was valued at $2,356.4 an ounce in Singapore, up 0.51% as against the previous close. At the time of filing this report, the yellow metal was trading 0.7% higher at around $2,360 per ounce.

Gold, in recent days, has climbed to a record-high level as the demand for safe-haven grew due to volatility in the global economy. Rapid inflation, along with a modest growth outlook in some of the advanced economies, is behind the demand that has pushed gold prices above the $2,300 per ounce mark, analysts said.

The price breached the $2,400 mark last week, before pairing some of the gains as scores of investors looked to liquidate their assets, commodities market experts said.

Also Read: Crude rates today: Oil prices open lower after Iran's attack on Israel, Brent above $90 a barrel

The fresh jump in rates, as recorded in the Asian markets this morning, is attributable to Iran’s firing of a barrage of missiles towards arch-rival Israel on April 13. The attack was anticipated as Iran had vowed to avenge the alleged Israeli strike on its consulate last week that killed seven people.

While gold has risen, the other main commodity – crude oil – opened lower in Asian trade as market participants scaled back the risk premiums. This, analysts said, was due to the fact that Iran’s attack only caused minor damage to Israeli military infrastructure and did not lead to any fatality. The country also issued a statement noting that it does not intend to further escalate the conflict.

However, the demand for safe-haven is expected to rise as Israel has warned of retaliation. Any retaliatory strike on Iranian soil or its interests in neighbouring countries may lead to a wider regional conflict, analysts said.

What are the gold prices in India today?

Gold futures for June delivery opened at ₹72,214 per 10 gram at the Multi Commodity Exchange (MCX) on Monday, higher by 0.4% as compared to the previous close. It touched a high of ₹72,362 during the early trading hours, before pairing the gains and inching closer to the last closing price of ₹71,900.

As per the retail market rates available for April 13, the per 10 gm of gold was valued at ₹74,555 in New Delhi, ₹74,610 in Mumbai, ₹74,650 in Kolkata and ₹74,600 in Chennai.