Gold Price Today: The yellow metal rate opened lower on India's MCX on Friday, April 24, amid US-Iran war led geopolitical tensions in the Middle East.
At 9 am on Friday, the MCX gold May futures contract was down 0.31% at Rs 1,49, 950 per 10 grams, while the MCX silver May futures dropped 0.56% to Rs 2,40,168 per kg.
On Thursday, the MCX gold May futures closed 0.22% higher at Rs 1,50,750 per 10 grams, while the MCX silver May futures ended 0.29% up at Rs 2,42,213 per kg.
Geopolitical Concerns Remain
Gold dropped as an uncertainties over the Strait of Hormuz pushed oil prices higher, raising concerns over high inflation. The precious metal fell around 1.6% before paring some losses in US hours, Bloomberg reported. Tensions between US and Iran rose over the Strait of Hormuz as both side continued their blockades of the key waterway for global supplies, a sticking point with no new ceasefire talks on the horizon.
Brent continued to surged trading above $106 a barrel amid concerns ceasefire talks have stalled, while Treasury yields and the dollar also jumped. Since the war began in late February, higher energy prices have raised concerns about persistently high price pressures, which is likely to push the Federal Reserve and other central banks to keep interest rates unchanged for longer or even raise them further. This is a negative factor for non-yielding bullion. Notably, spot gold fell 1% to $4,694.04 an ounce at 4:58 p.m. in New York time, while silver dropped 2.9% to $75.45 an ounce. Platinum and palladium also declined.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
