Gold Price Today: The yellow metal rate rose on Multi Commodity Exchange of India (MCX) today, June 12, after US President Donald Trump hinted at a possible peace deal with Iran, easing geopolitical tensions and inflation concerns.
At 9:03 am on Thursday, the MCX gold July futures contract advanced 0.97% to Rs 1,48,550 per 10 grams, while the MCX silver July futures surged 1.54% to Rs 2,43,347 per kg.
Gold prices continued to gain in global markets amid hopes of easing tensions between the US and Iran after US President Donald Trump hinted at a possible peace deal to end the conflict. The precious metal traded near $4,220 an ounce, following a 3.4% surge in the previous session.
On Thursday, Trump claimed that Iran's supreme leader had agreed to a peace deal, however, he clarified that the agreement had not been finalized. He called the agreement “a very strong memorandum of understanding that is a little bit conceptual.” However, Iran has not yet confirmed the deal.
The US President also halted airstrikes on Iran following two consecutive days of attacks and Tehran announced the closure of the Strait of Hormuz to all vessels.
The conflict, now in its fourth month, has disrupted energy flows via Hormuz, raising oil prices and increasing the possibility for interest-rate hikes as central banks struggle to control inflation. The European Central Bank hiked interest rates on Thursday for the first time in almost three years, with President Christine Lagarde cautioning that the inflation driven by the conflict is widening beyond just energy.
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