Gold Price Today: The yellow metal rate surged on India's MCX on Wednesday, March 25, amid hopes of easing geopolitical tensions in the Middle East.
At 9 am on Wednesday, the MCX gold April futures contract rose 3.27% or Rs 4,553 to Rs 1,43,669 per 10 grams, while the MCX silver May futures were up 5.38% or 12,055 to Rs 2,35,996 per kg.
On Tuesday, March 24, the MCX gold April futures closed 0.03% down to Rs 1,39,060 per 10 grams, while the MCX silver May futures ended 0.43% lower to Rs 2,24,210 per kg.
Easing Global Tensions
Globally, gold continued its gains after breaking a nine-day losing streak amid signals that the US may choose a diplomatic route to ending the war in the Middle East. The precious metal jumped up to 2.8% and stood at $4,600 an ounce.
Earlier, US President Donald Trump said Iran had offered a "significant prize" to the US, claiming it was related to energy supplies through the Strait of Hormuz. China has asked Iran to engage in a dialogue with the US, while reports have emerged stating that the Trump administration and regional mediators are aiming for high-level talks by Thursday, March 26.
Ever since the conflict in the Middle East began on February 28, gold has surged largely in accordance with stocks and in an inverse relationship with crude. The drop in global stocks and bonds in recent weeks has also forced investors to ditch their investments in gold to raise cash, further raising losses in bullion, Bloomberg reported.
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