Gold prices in India surged to an all-time high of Rs 78,230 per 10 grams on the Multi Commodity Exchange today, driven by rising global rates. This increase is attributed to escalating geopolitical tensions in West Asia and the South China Sea, which have heightened demand for the precious metal.
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On Saturday, Israeli Prime Minister Benjamin Netanyahu accused the militant group Hezbollah of attempting to assassinate him and his wife. A drone reportedly targeted his residence, although neither was present at the time, resulting in no injuries. In retaliation, Israel has intensified airstrikes aimed at Hezbollah positions in Gaza and Lebanon.
Globally, gold futures also reached a record high of $2,746.8 per troy ounce this morning. Since early September, gold prices have climbed nearly 9%, reflecting a remarkable 37% increase over the past year, underscoring gold’s status as a safe-haven asset amid uncertainty.
Additionally, geopolitical tensions are rising in the South China Sea, where President Xi Jinping has urged Chinese troops to enhance their war preparedness following recent military drills around Taiwan. This climate of instability is influencing global market reactions.
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In India, gold prices are closely linked to international rates, as the country primarily relies on imports. Following changes to capital gains tax in Budget 2024, long-term gains from gold ETFs are now taxed at 12.5% after a holding period of 12 months, while short-term gains are taxed at the investor’s applicable slab rate.
