Gold Price Today: The yellow metal rate on India's MCX fell sharply on Thursday, April 2, after US President Donald Trump's closely watched remarks failed to provide fresh signals on ending the conflict in the Middle East.
At 9 am on Thursday, the MCX gold April futures contract dipped 1.48% to Rs 152,490 per 10 grams, while the MCX silver May futures were down 4.57% to Rs 2,32,259 per kg.
On Wednesday, April 1, the MCX gold April futures closed at Rs 153,708 per 10 grams, while the MCX silver May futures ended at Rs 2,43,501 per kg.
Bullion slid as much as 2.3%, giving up earlier gains, after President Donald Trump said the month‑long conflict was close to ending but warned that the US could strike Iran “extremely hard” in the coming two to three weeks.
In a prime‑time address, he added that the military mission was close to meeting its objectives and urged allies dependent on Middle Eastern oil to help address the near shutdown of the Strait of Hormuz.
Even with the rebound since the last few days, gold's near-12% decline in March was its worst monthly performance since October 2008. With the Middle East conflict, in its fifth week, has rattled global markets and disrupted supplies of energy and other goods, and raised concern over a spike in inflation that has offset gold's appeal as a safe-haven asset. Spot gold fell 1.2% to $4,703.18 an ounce at 10:07 a.m. Singapore time. Silver slid 2.8% to $72.98, while platinum and palladium also declined, as reported by Bloomberg.
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