Mumbai: In the Indian futures market, the price of gold rose to a new high, while in the international market, it is at an almost seven-year high.

Gold in India’s largest futures market, Multi Commodity Exchange (MCX), was trading at Rs41,193 per 10 grams at 9.30 am on the February expiry contract, an increase of Rs530 or 1.30 per cent as compared to the previous price of Rs40,946 per 10 grams that later jumped to Rs 41,278 per 10 grams.

Prices of gold, silver and crude oil surged on Wednesday on the Indian futures market MCX, following the rise in bullion and crude prices in the international market due to deepening military tensions between the US and Iran.

Silver was trading at Rs48,661 per kg, up by Rs550 or 1.15 per cent, from the previous session of the March contract. At the same time, in the January contract, the crude oil was trading at Rs4,572 per barrel, up by Rs78, or 1.74 per cent from the previous session.

Bullion has gained momentum in the international market due to deepening military tension between the US and Iran. In the international market, the price of gold crossed $1,600 an ounce on Wednesday which is a seven-year high.

On Wednesday, gold on the international futures market COMEX was trading at $1,591.35 an ounce with a gain of $17.05 or 1.08 per cent in the February contract, while gold traded up on Comex to $1,612.95 per ounce during the previous trading, which is the highest after February 2013. On Feb.19, 2013 the gold rose to $1,617 an ounce.

Silver was trading at $18.60 an ounce in the March contract of COMEX, up by 1.14 per cent from the previous session.

The rise in gold prices is seen as a safe haven investment in the wake of geo-political tension in the Middle East.

Indo-Asian News Service