Gold Price Today: The yellow metal rate dropped on MCX on today, May 29, amid hopes of easing tensions between US and Iran.
At 9:02 am on Friday, the MCX gold June futures contract fell 0.2% to Rs 1,56, 027 per 10 grams, while the MCX silver July futures dipped 0.46% to Rs 2,68,300 per kg. The MCX remained closed on Thursday, May 28 on account of Bakrid.
On Wednesday, the MCX gold April futures closed flat Rs 1,56,375 per 10 grams, while the MCX silver May futures ended 1.28% higher to Rs 2,69,630 per kg.
In the global markets, however, gold advanced after reports emerged that the US and Iran had finalised a temporary deal to extend a ceasefire and work towards a resolution for the tensions in the Middle East that now completes three months.
The precious metal traded near $4,500 an ounce, after closing up 1% on Thursday following a two-month low earlier in the session when airstrikes risked derailing the peace talks. The US and Iran have now reached an agrrement extend a ceasefire by 60 days and launch further talks on Tehran's nuclear program, Bloomberg reported citing people aware of the development.
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