Gold Price Today: The yellow metal rate rose on Multi Commodity Exchange of India (MCX) today, May 12 amid renewed tensions between US and Iran.
At 9:01 am on Tuesday, the MCX gold June futures contract opened 0.14% up at Rs 1,53, 661 per 10 grams, while the MCX silver July futures surged 1.01% to Rs 2,81,133 per kg.
Globally as well, the gold marginally changed, with the bullion trading around $4,730 an ounce as US President Donald Trump, called Iran's response to US peace proposal last week "a piece of garbage" and claimed that the fragile ceasefire in the Strait of Hormuz was on "massive life support". Meanwhile, silver was little changed after a jump of more than 7% on Monday, following a report on the liquidity crisis of a state-owned oil firm in Peru. The country is one of the biggest silver producers.
In India, Gold remained in focus after PM Modi on Sunday, May 10 requested people to avoid non-essential gold purchases for one year in order to reduce pressure on foreign exchange outflows. "We have to save foreign exchange by any means," he said at an event in Hyderabad.
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