Gold Price Today: The yellow metal rate opened flat on India's MCX on Tuesday, April 21 amid ongoing geopolitical uncertainties in the Middle East.
At 9:04 am on Tuesday, the MCX gold May futures contract was 0.01% up at Rs 1,52,417 per 10 grams, while the MCX silver May futures fell 0.55% to Rs 2,51,160 per kg.
On Monday, the MCX gold May futures closed 0.57% down to Rs 1,52,301 per 10 grams, while the MCX silver May futures ended 1.78% lower to Rs 2,25,574 per kg.
Globally, gold steadied as traders look at prospects for a negotiated settlement to the war in Iran that's disrupted global energy supplies and raised inflation risks. The precious metal was near $4,830 an ounce in early trading, after losing 0.2% in the previous session, Bloomberg reported.
Uncertainties over US-Iran continue, with US Vice President JD Vance set to visit Pakistan for the next round of talks, while Iran is also sending a delegation after saying earlier that it was hesitant to participate, the report said citing people familiar with the plans. According to US President Donald Trump, the temporary ceasefire is due to expire on “Wednesday evening Washington time.”
Meanwhile, oil prices dropped on Tuesday, as the war, which is in the eighth week, triggered an unprecedented energy-supply shock that has heightened inflationary pressures, making central banks more likely to hold interest rates steady or might even hike them, a headwind for non-yielding bullion. Eversince the conflict began in late February, gold has lost about 8%.
Additionally, focus will be on Trump's pick to head the Federal Reserve, Kevin Warsh, who will share his plans before the Senate Banking Committee on Tuesday. Any indications that Warsh will push for monetary easing this year is expected to support bullion, while reluctance to cut rates, would be negative for gold.
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