Gold Price Today: The yellow metal price dropped on India's MCX on Monday, April 20 a day after Akshaya Tritiya as uncertainties over US-Iran war continue.
At 9:02 am on Monday, MCX gold May futures contract fell 0.92% or Rs 1,414 to Rs 1,51,762 per 10 grams, while the MCX silver May futures dropped 1.3% or Rs 3,331 to Rs 2,53,811 per kg.
The bullion fell following a weekend rising tensions in Middle East, which renewed inflation risks from an energy-supply shock amid doubts over talks to end the war.
Bullion tumbled up to 1.9%, before covering some of the loss to trade near $4,800 an ounce.US President Donald Trump said the US Navy fired upon and seized an Iranian-flagged cargo ship, while Tehran warned that ships approaching the Strait of Hormuz would be treated as violating a ceasefire.
The ongoing incidents is likely to impact the potential peace talks in Islamabad before a fragile 14-day ceasefire expires. Trump earlier said he saw a chance for a deal, while also renewing threats to destroy Iranian power plants and bridges. Tehran said there was no “clear prospect” for productive negotiations.
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