Gold and Silver Market Update: Current Prices for 24K and 22K Gold in Major Indian Cities on June 12

Global Markets React to Iran War Tensions

Gold prices surged in early trade on June 12 as tensions in Iran continued to escalate, driving up oil prices and impacting the global market.

The international spot gold price increased by 2.56 percent to $4,219.40 per ounce, while silver prices rose by 5.04 percent to $67.22 per ounce over the last 24 hours in early Comex trade. The gold futures for the August contract on the Multi Commodity Exchange (MCX) traded 0.95 percent higher to Rs 1,50,343 per 10 grams, while silver futures for the July contract surged 1.69 percent to Rs 2,43,700 per kilogram.

Despite witnessing volatile trade on June 11, gold prices bounced back amid mixed global cues. The domestic MCX spot price closed the Thursday session at Rs 1,44,730 per 10 grams.

The market remains sensitive to movements in crude oil, the rupee, and broader macroeconomic developments. As a result, gold prices vary significantly depending on factors such as purity and location.