- Gold price fell 1.38% to Rs 1,37,558 per 10 grams on India's MCX on March 24
- Silver May futures declined 2.84% to Rs 2,18,779 per kg on the MCX on the same day
- US President Trump postponed strikes on Iran's energy infrastructure, easing gold's decline
Gold Price Today: The yellow metal rate dropped on India's MCX on Tuesday, March 24, amid ongoing geopolitical tensions in the Middle East.
At 9:01 am on Tuesday, the MCX gold April futures contract fell 1.38% or Rs 1,925 to Rs 1,37, 558 per 10 grams, while the MCX silver May futures dropped 2.84% or 6,388 to Rs 2,18,779 per kg.
On Monday, the MCX gold April futures closed 3.61% down to Rs 1,39,280 per 10 grams, while the MCX silver May futures ended 0.59% lower to Rs 2,25,423 per kg.
Impact of Global Tensions
In global markets, gold prices fell, reflecting the impact of conflicting statements on the war in the Middle East, with US President Donald Trump's postponement of strikes on Iran's energy infrastructure, resulting in a brief relief from the precious metal's steep conflict-driven decline.
The yellow metal dropped as much as 1.8% after climbing nearly 1% in a volatile session as Trump announced a five-day postponement of attacks on Iranian power plants and said on Monday that “productive discussions” had taken place; however, an Iranian official dismissed his claim.
Even though gold has declined by almost 17% from the beginning of the conflict, since February 28 to Monday's close, it was on a continued rally due to several factors, such as geopolitical and trade tensions and growing purchases by central banks, Bloomberg reported.
(More to come...)
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