Gold prices rose on Saturday, reflecting the impact of escalating tensions in the Middle East due to the Iran-Israel conflict. The cost of 24-carat gold reached Rs 7,785.3 per gram, up by Rs 120, while 22-carat gold climbed to Rs 7,138.3 per gram, increasing by Rs 110.
According to Narinder Wadhwa, Managing Director at SKI Capital Services Ltd, gold often acts as a safe haven during geopolitical instability. This trend is amplified by concerns over potential oil supply disruptions, which also affect crude prices.
Despite a global dip of 0.2% in gold prices to $2,649.69 per ounce, fueled by positive U.S. job growth data, analysts predict that any further deterioration in geopolitical conditions could lead to additional surges in gold prices.
Market experts advise investors to remain calm amid the volatility, as market conditions are expected to stabilize soon. The escalating conflict is also causing stock investors to exercise caution, particularly with rising crude prices and fund movements towards cheaper markets like China.
