Gold Price Today: The yellow metal rate traded flat on India's MCX on Tuesday, April 28, amid uncertainties over US-Iran peace talks and ahead of Federal Reserve key policy decision.
At 9 am on Tuesday, the MCX gold May futures contract was 0.01% up at Rs 1,50, 208 per 10 grams, while the MCX silver May futures dropped 0.25% to Rs 2,41,226 per kg.
Gold remained steady in the global markets as traders weighed the efforts by the US and Iran to find a solution to a nearly two-month war that has rattled energy supplies and raised inflation risks. The bullion touched around $4,695 an ounce after falling around 0.6% on Monday, Bloomberg reported.
US President Donald Trump met national security officials to discuss Iran's latest peace proposal but maintained red lines on any deal to end the conflict, White House Press Secretary Karoline Leavitt said.
Leavitt's comments came as Tehran reportedly proposed an interim deal whereby it reopens the Strait of Hormuz in exchange for Washington ending its blockade of ships moving to and from Iranian ports. The conflict has cut down daily transit via the strait to almost zero, disrupting supply of crude, natural gas and oil products.
Traders will be looking at interest-rate decisions by the US Federal Reserve, the European Central Bank and peers in Japan, the UK and Canada this week. The energy-supply disruption caused by the eight-week conflict has heightened to inflation risks, raising the possibility that central banks will maintain interest rates for longer or even hike them, a headwind for non-yielding bullion. The yellow metal has lost nearl 11% ever since the conflict began at the end of February.
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