Gold Price Today: The yellow metal rate rose on the Multi Commodity Exchange of India (MCX) today, August 5 amid geo-political uncertainties on the Iran war front.
At 2:09 p.m. on Wednesday, the MCX gold October futures contract jumped 1.35% or Rs 2,000 to Rs 1,46,241 per 10 grams, while the MCX silver September futures surged by Rs 4,783 or 2.16% to Rs 2,26,398 per kg.
The jump comes after US President Donald Trump said that Iran is "moving along very nicely" and indicated that more clarity on the situation could emerge within the next 48 hours.
Speaking to reporters in Los Angeles, Trump said Iran would be "very smart" to reach a deal, while adding that "we'll see what happens" over the coming days leaving the conflict situation in another haze.
Crude oil prices have been whipsawing for the last few days as volatility remains elevated. The rates were back in green after trading lower for most of the day. Brent crude traded 1.17% at $80.29 per barrel, and West Texas Intermediate was up 0.5% to $76.20 per barrel.
On another front, Reserve Bank of India's decision to keep the repo rate unchanged at 5.25% and projection of inflation peaking between the October and December period may have kept traders on edge and around safe haven assets like gold and silver.
The Standing Deposit Facility (SDF) rate remains unchanged at 5%, while the Marginal Standing Facility (MSF) rate and the bank rate stands at 5.5%.
The MPC noted that headline inflation has moved above the target in line with expectations, although realised inflation for the April-June quarter came in lower than anticipated.
The recent rise in inflation has been driven largely by food and fuel prices. The MPC expects headline inflation to increase further in the near term, peak during the third quarter, and then gradually moderate thereafter.
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