New Delhi, Feb 20: Gold prices climbed by Rs 1,315 to Rs 1.56 lakh per 10 grams in the futures trade on Friday, tracking firm global trends amid renewed geopolitical tensions between the US and Iran, which boosted the safe-haven asset.
On the Multi Commodity Exchange, the yellow metal for April delivery appreciated by Rs 1,315, or 0.85 per cent, to Rs 1,56,134 per 10 grams in a business turnover of 7,355 lots.
In the international market, Comex gold futures for April delivery gained USD 49.55, or 1 per cent, to USD 5,046.95 per ounce.
Gold went above the USD 5,000-mark as safe-haven demand strengthened amid rising US-Iran tensions, Hareesh V, Head of Commodity Research, Geojit Investments Ltd, said.
He added that a strong US dollar and shifting interest-rate expectations could temporarily cap sharp gains; continued escalating tensions are likely to keep risk-averse flows elevated, potentially supporting a further rise in gold prices in the coming days.
Meanwhile, US President Donald Trump warned Tehran to reach an agreement on its nuclear programme within 10 days or face consequences, heightening tensions and adding a geopolitical risk premium across markets.
“This continued fragility has embedded a risk premium in global markets, underpinning precious metals,” Renisha Chainani, Head of Research at Augmont, said, adding that rising US military presence in the Middle East and stalled Ukraine-Russia peace talks have reinforced global uncertainty and supported demand for the safe-haven asset. (PTI)
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