Gold Price Today: The yellow metal rate rose on Friday, March, 27, after US President Donald Trump announced to extend the deadline for possible action against Iran's energy infrastructure.
At 9 am on Friday, the MCX gold April futures contract jumped 0.73% or Rs 1,022 to Rs 1,41,143 per 10 grams, while the MCX silver May futures surged 2.01% or 4,426 to Rs 2,24,300 per kg.
On Thursday, March 26, the MCX gold April futures closed 0.15% down to Rs 1,39,905 per 10 grams, while the MCX silver May futures ended 0.31% lower to Rs 2,19,200 per kg.
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Globally, Gold gained after Trump extended his deadline again to secure a deal with Iran to end the war in the Middle East. The precious metal was near $4,400 an ounce in early trading, having fallen almost 3% in the previous session amid uncertainty over a potential ceasefire agreement, according to data collected by Bloomberg. Trump announced to avoid attacks on Iranian energy sites for a further 10 days, offering a brief respite to markets jolted by nearly a month of conflict.
The bullion has fallen around 17% since the conflict began on February 28. The drop in gold prices aligns with stocks and is in an inverse relationship with oil.
According to Trump, the talks with Iran were going "very well", while pledging to avoid targeting Iran's energy sites for 10 days, providing a brief respite to global markets rattled by the conflict.
Iran responded to the ceasefire proposal through intermediaries and is now awaiting a reply, news agency Tasnim reported. Tehran has set several conditions to end the conflict, which also include that the US and Israel would resume attacks.
ALSO READ: Trump Extends Pause On Attacking Power Infra By 10 Days Citing Ongoing Talks
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