Gold price surpasses Rs 40,000 after Iran's top Army official Soleimani's death

Gold price surpasses Rs 40,000 after Iran's top Army official Soleimani's death

FPJ Web DeskUpdated: Saturday, January 04, 2020, 12:34 PM IST
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Gold price surpasses Rs 40,000 after Iran's top Army official Soleimani's death |

Gold prices touched the skies yesterday with a surge of Rs 877 to Rs 40,092 per 10 gram in the Mumbai. The heavy surge is a result of geopolitical tensions in the Middle East. The price for Silver also gained Rs 990 to 47,330 per kg from its closing on January 2, reported Moneycontrol.

The price for 10 grams of 999 quality gold is Rs 40,092 in Mumbai and the price for 10 grams of 995 quality gold is Rs 39,93.

The price of gold surged higher after the US launched an air-strike on Friday killing Iran Quds Force chief Qassem Soleimani and top Iraqi militia commander Abu Mahdi al-Muhandis. The attack had occurred at Baghdad’s international airport after which the US-Iran relationship seemed to have headed downhill.

According to experts, the gold price is expected to surge more following the strife between USA and Iran. The market may come back to normalcy if Iran does not retaliate.

The higher prices in the year 2019 have caused a negative flux in the retail market, 2019 saw a drop of 12 per cent from 944 tonnes in 2018.

The gold futures for delivery in February rose Rs 785, or 2 per cent on the MCX trading at Rs 40,062 per 10 gram according to the paper.

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