Gold Price Today: The yellow metal rate opened higher on India's MCX on Thursday, April 16 as hopes for a diplomatic resolution to the US-Iran war.
At 9:01 am on Thursday, the MCX gold May futures contract rose 0.45% to Rs 1,53,100 per 10 grams, while the MCX silver May futures surged 1.39% to Rs 2,55, 242 per kg.
The latest uptick in gold prices comes days before Akshaya Tritiya, an auspicious day to buy gold in India, which falls on April 19.
In terms of global markets, the bullion advanced 1% to nearly $4,838 an ounce, wiping out most of the loss in the previous session as investors hope for Iran war eased inflation concerns, despite continued tensions around the Strait of Hormuz, a key connectivity point for global supplies.
US and Iran are considering to allocate more time to discuss an a possible end to the war that has rattled the global markets, Bloombergr reported citing a person familiar with the matter. However, the movement of vessels through the Strait Hormuz remains disrupted.
Ever since the war began, the bullion has dropped around 8%, with a liquidity squeeze in the early weeks of the conflict resulting investors to offload holdings and cover losses elsewhere. As an indication that buyers are coming back to the market, bullion-backed exchange-traded funds have added around 25 tons so far this month, after cutting around 94 tons in March, according to Bloomberg data.
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