Gold and silver prices rose again amid heightened tensions in West Asia. Experts believe the tendency to invest in safe havens during times of geopolitical instability has driven this increase.

On Wednesday, gold prices increased by 1.33 per cent on the country's multi-commodity exchange. MCX gold futures price per 10 grams reached 1 lakh 63 thousand 265 rupees. This is only 17 thousand rupees away from the record price.

Along with gold, silver prices also increased. MCX silver futures price per kilogram rose by 5 thousand 682 rupees or 2.1 per cent to reach 2 lakh 71 thousand rupees.

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International markets also witnessed price increases today. Spot gold price per ounce increased by 1.6 per cent to 5 thousand 168 dollars. The US gold futures price per ounce also touched 5 thousand 178 rupees.

According to SEBI-registered market expert Anuj Gupta, today's underlying trend in gold and silver prices is positive. Rising US-Iran war tensions have further increased demand for precious metals as safe assets. He said, "Crude oil prices are rising rapidly due to supply disruptions in the Strait of Hormuz. This could increase inflationary pressure at the international level. This impact will create pressure on currencies of various countries around the world." He also stated that if both the dollar and Indian rupee remain weak, gold prices are likely to rise further in both international and domestic markets.