Gold Price Today: The yellow metal rose marginally on India's MCX on Thursday, May 7 amid hopes of easing tensions between US and Iran.
At 9 am on Thursday, the MCX gold June futures contract was 0.37% up trading at Rs 1,52,669 per 10 grams, while the MCX silver July futures rose 1.19% to Rs 2,56,275 per kg.
The rates remained relatively steady after the bullion soared around 2% on Wednesday at Rs 152,633 per 10 gram on MCX following an Axios report which claimed that the US and Iran are closing in on a "one-page memorandum" to end the war.
On Wednesday, gold and silver jumped the most in a month and inflation expectations eased after the development. The yellow metal rose around 3.6% trading above $4,700 an ounce and silver advanced 6.8%, Bloomberg reported. Meanwhile, oil prices fell on hopes of easing tensions weighing in bond yields and dollar was at around pre-war levels, which is positive for gold as it pays no interest.
ALSO READ: Gold Price Today: Metal Jumps 3% On US, Iran Nearing Peace, MCX Rates See Uptick
Iran has recevied a proposal from the US to end the near 10-week conflict, Bloomberg reported citing a person familiar with the matter amid China's stance to raise global pressure to end the war. Washington will end its military campaign and lift Strait of Hormuz blockade “assuming Iran agrees to give what has been agreed to, which is, perhaps, a big assumption,” US President Donald Trump posted on social media.
The yellowe metal has dipped around 11% ever since conflict began in late February, leading to the closure of Strait of Hormuz, disruption global energy supplies.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
