Gold Price Today: The yellow precious metal fell on MCX on Thursday, April 9 amid uncertainties over US-Iran ceasefire.
At 9:02 am on Thursday, the MCX gold May futures contract dropped 0.43% to Rs 1,49, 762 per 10 grams, while the MCX silver May futures dropped 1.03% to Rs 2,36,000 per kg.
In the global market, gold cut back on the gains as the Iranian parliamentary alleged that the two-week ceasefire with the US has been violated. The precious metal rose 0.4% after gaining up to 3.2% earlier to trade above $4,800 per ounce, Bloomberg reported. Mohammad Bagher Ghalibaf accused that the three conditions of the ceasefire have been violated by the US.
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In a statement posted on the social media platform X, Ghalibaf said, “bilateral ceasefire or negotiations is unreasonable,” adding that “workable basis on which to negotiate” has been openly and clearly violated, even before the negotiations started.
Following the two-week ceasefire announcement, gold jumped along with global equities, marking a sharp rebound amid hopes of an end to over a month on US-Iran War.
Ever since the conflict, the bullion traded mainly in accordnacde with stocks with its conventional safe haven appeal dimmed among some investors.
The yellow metal has dropped nearly 10% since the US-Iran War, which began on February 28. The recent recovery has primarily led by expectations of easing geopolitical tensions.
ALSO READ: Not End Of War, Enriched Uranium To Leave Iran Through Agreement Or Force, Says Netanyahu
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