The price of gold is continually surging amidst the ongoing conflict between Israel and Hamas. In India, where the festive season is in full swing, and everyone is looking to make gold and silver purchases for Diwali, the increasing price of gold is a cause for concern. The way gold prices have been steadily rising daily, it seems that the gold market might soon set a new record high. Many experts believe that the price of gold could reach new record highs.

Gold Prices on the Multi Commodity Exchange

On the Multi Commodity Exchange, the price of gold today has increased by 0.47%, reaching a level of ₹60,600 per 10 grams. Silver prices are also experiencing an upward trend. The price of silver today has risen by 0.26%, reaching ₹71,800 per kilogram.

What is the Price of 22 Carat Gold?

When it comes to 22 carat gold, the prices vary across different cities in India. In Delhi, the price is ₹55,850 per 10 grams. In Chennai, it’s ₹55,850, while in Ahmedabad, it’s ₹55,750 per 10 grams. In Bangalore, Hyderabad, Kolkata, and Mumbai, the price of 22 carat gold is ₹55,700 per 10 grams.

Expert Opinions

Experts suggest that there is significant instability in global markets at this time. The conflict between Israel and Hamas has led to a surge in gold prices. In these uncertain markets, investors are seeking refuge in gold, considering it a safer option. According to media reports, in the coming days, the price of gold may reach new record highs.

Anticipating a New Record

It’s worth noting that gold set a new record high on the Multi Commodity Exchange on May 6th, with a price of ₹61,845. Today, gold is trading close to ₹60,600 on MCX. This suggests that gold may soon break its own record in the market.

Investors and individuals are closely watching the gold market, given the geopolitical tensions and the festive season in India. The demand for gold is expected to remain high, and this, coupled with the uncertain global economic scenario, could indeed drive gold prices to new highs.