New Delhi, January 8: Gold prices in India crossed over Rs 42,000 on Wednesday, shortly after the international community was stunned with the missile attacks by Iran on two US military bases in Iraq. In the global markets, the precious yellow metal recorded another two-percent surge, peaking its rate to a seven-year high. Indian Nationals Warned Against Visiting Iraq, Carriers Told to Avoid Gulf Airspace as US-Iran Tensions Escalate.

In Mumbai, 10 grams of gold traded at Rs 42,400, followed by Rs 42,350 in Delhi. On the Multi Commodity Exchange market, the February gold futures jumped to Rs 41,278 per 10 gram of 24 karat, marking a nearly 1.5 percent surge. Silver futures also traded high, as the prices soared by 1.4 percent to settle at Rs 48,785 per 10 kg.

In India, the cumulative in gold prices has crossed the Rs 2,000-mark in the last four days. Experts are oer-sustaining-minor-injuries-watch-6495262.html" class="drop-thumb-link" title="Tourist Gets Hit by Running Train While Posing for Selfie on Railway Tracks in Taiwan, Dramatic Videos Show Traveller Sustaining Minor Injuries (Watch)">Tourist Gets Hit by Running Train While Posing for Selfie on Railway Tracks in Taiwan, Dramatic Videos Show Traveller Sustaining Minor Injuries (Watch)

New Delhi, January 8: Gold prices in India crossed over Rs 42,000 on Wednesday, shortly after the international community was stunned with the missile attacks by Iran on two US military bases in Iraq. In the global markets, the precious yellow metal recorded another two-percent surge, peaking its rate to a seven-year high. Indian Nationals Warned Against Visiting Iraq, Carriers Told to Avoid Gulf Airspace as US-Iran Tensions Escalate.

In Mumbai, 10 grams of gold traded at Rs 42,400, followed by Rs 42,350 in Delhi. On the Multi Commodity Exchange market, the February gold futures jumped to Rs 41,278 per 10 gram of 24 karat, marking a nearly 1.5 percent surge. Silver futures also traded high, as the prices soared by 1.4 percent to settle at Rs 48,785 per 10 kg.

In India, the cumulative in gold prices has crossed the Rs 2,000-mark in the last four days. Experts are of the view of that the prices may escalate further in the near future, as the US-Iran tensions have shown no signs of subsiding.

Internationally, the gold rates have crossed the $1,600 mark, taking the prices to a seven-year high. Over the last three days, the global market rate has accelerated by 2 percent, primarily due to the unrest in Middle East region -- which is the prime export of the metal widely used as cash reserves.

The price hike on Wednesday was preceded by fatal missile strikes by the US against two military bases housing American soldiers in western Iraq. According to the Iran state media, a total of 80 American soldiers were killed in the strikes at al-Asad and Abril air bases. The country's Foreign Minister, Javad Zarif, tweeted that Tehran is not in favour of an escalation and has acted for "self-defence" as mandated under Article 51 of the United Nations Charter.

(The above story first appeared on LatestLY on Jan 08, 2020 01:31 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).