Gold Price Today: The yellow metal rate rose on Multi Commodity Exchange of India (MCX) today, June 22 as US-Iran engaged in high-stakes talks, easing geopolitical tensions
At 9 am on Monday, the MCX gold July futures contract advanced 0.34% to Rs 1,45,708 per 10 grams, while the MCX silver July futures opened 0.87% higher at Rs 2,35,206 per kg.
In the global market, gold jumped after negotiators hailed the progress in talks between the US and Iran to find a permanent resolution to the war.The precious metal rose up to 1.6% trading at $4,220 an ounce, recovering losses from the previous week after Qatar and Pakistan said that progress was made in the first round of peace talks. Earlier, uncertainty over peace talks arose after Doanld Trump in a post on Truth Social wrote, "Iran must immediately stop their highly paid PROXIES in Lebanon from causing trouble. If they don't, we'll hit Iran very hard again, just like we did last week, only harder!!!"
Prior to the recent surge, the bullion has declined for three consecutive weeks and is below a fifth since the war began at the end of February. US-tensions and closure of Hormuz had previously raised concerns oil and natural gas supply disruptions and pushed up energy prices, raising the possibility that central banks will increase borrowing costs to combat inflation. Higher interest rate is headwind for precious metals, which does not pay interest.
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