Gold Price Today: The yellow metal rate rose on India's MCX on Wednesday, April 22, as US President Donald Trump announced to extend ceasefire with Iran.
At 9 am on Wednesday, the MCX gold May futures contract opened 0.98% higher to Rs 1,51,745 per 10 grams, while the MCX silver May futures surged 1.74% to Rs 2,48,959 per kg.
In the global markets, gold rebounded after a two-day decline, as Trump extended ceasefire with Iran and allowed more time to arrange a fresh round of peace talks. The precious metal rose as much as 0.8% to above $4,755 an ounce, after falling more than 2% in the previous session, Bloomberg reported.
The US President said that not order more strikes till Iran submits a new proposal and discussions are finalised. However, the Strait of Hormuz remained closed for shipping with Tehran stating that it would not repopen the key connectivity route, while Washington palns to maintain its blockade.
The bullion has lost nearly 10% ever since the tensions began, but moved in a narrow range in recent weeks. Gold was also impacted by Kevin Warsh's pledge on Tuesday to act independently if confirmed as the next Federal Reserve chair. Trump Fed Chair pick, in testimony before the Senate Banking Committee said a new framework was needed to deal with persistent inflation, without being more specific.
It was epxected that Warsh, known for his hawksih stance on inflation will pursue a measured approach to lower borrowing costs instead of more aggressive rate cuts proposed by Trump.Spot gold advanced 0.8% to $4,755.58 an ounce at 10:13 a.m. Singapore time, while silver jumped 1.5% to $77.91 an ounce. Both platinum and palladium also advanced, according to data collected by Bloomberg.
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