Gold price rose a whopping Rs 41,000 per 10-gram mark in the domestic market on January 6. It has also been noticed that there has been a positive overseas trend from the international spot gold that neared a 7-year high amidst the mounting tensions in the Middle East. Gold prices for 24 karat in Delhi, spiked to a record Rs 41,400.00 per 10 gram.

After what seemed like a potential slump in the gems and jewellery industry, this brings a fresh ray of hope. On January 3, gold prices climbed 2% following news on mounting tensions between the US and Iran after a top Iranian commander was killed in an airstrike by the US in Baghdad.The Pentagon confirmed the death of Iran's key military commander Qasem Soleimaniin, saying the strike was carried out at the direction of US President Donald Trump, and was aimed at deterring future attacks allegedly being planned by Iran.

Meanwhile, Gold price is expected to rise in the near future. On the Multi Commodity Exchange, Gold 05 Feb 2020 futures spurted by another Rs 984 or 2.5% to a record high of 41,096.00 per 10 gm.