Gold Price Today: The yellow metal rate rose on India's MCX on Wednesday, May 6, amid hopes of easing tensions between US and Iran
At 9 am on Wednesday, the MCX gold June futures contract surged 1.32% or Rs 1,976 to Rs 1,51,726 per 10 grams, while the MCX silver July futures advanced 2.62% or 6,408 to Rs 2,50, 724 per kg.
Globally, gold gained after US President Donald Trump indicated progress on a final agreement with Iran, reducing inflationary pressure. The precious metal rose to around $4,590 an ounce, following a 0.8% jump on Tuesday, Bloomberg reported.
On Wednesday, Trump paused 'Project Freedom' in the Strait of Hormuz, citing significant progress toward a final agreement with Iran.However, he said that the US naval blockade will remain fully in force.
In a post on Truth Social, Trump said, "Based on the request of Pakistan and other Countries, the tremendous Military Success that we have had during the Campaign against the Country of Iran and, additionally, the fact that Great Progress has been made toward a Complete and Final Agreement with Representatives of Iran, we have mutually agreed that, while the Blockade will remain in full force and effect, Project Freedom (The Movement of Ships through the Strait of Hormuz) will be paused for a short period of time to see whether or not the Agreement can be finalized and signed.
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