Gold Price Today: The yellow metal rate opened lower on India's MCX on Thursday, April 23, amid ongoing geopolitical uncertainties in the Middle East.
At 9:01 am on Thursday, the MCX gold May futures contract fell 0.47% to Rs 1,50, 500 per 10 grams, while the MCX silver May futures dropped 2.05% to Rs 2,43,277 per kg.
On Wednesday, the MCX gold May futures closed 0.06% up to Rs 1,51,300 per 10 grams, while the MCX silver May futures ended 1.63% higher to Rs 2,48,690 per kg.
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Gold dropped globally as the US extended ceasefire with Iran leaving global markets grappling with a blockade of the Strait of Hormuz, impacting energy security and keeping inflation risks high. The metal fell as much as 1% to below $4,700 an ounce, clearing gains in the previous session. US President Donald Trump said the two week ceasefire would continue indefinitely while Washington waits for Iran to submit a new peace proposal, Bloomberg reported.
Trump's extension of the ceasefire reflects a retreat from his earlier threat to resume attacking Iran if a deal is not finalised ny the Wednesday deadline. However, tensions continue over the Strait of Hormuz, a key connectivity route for global suppllies.
Washington continued with its naval blockade on ships moving to and from the Tehran, while Iranian gunboats fired commercial vessels.
The US-Iran conflict, which has now reached its eighth week, has triggered an unprecedented energy-supply shock that has raised inflation risks, making central banks more likely to keep rates steady or hike them. This move is likely to put pressure on non-yielding bullion, which has dropped about 11% since the war began, the report said.
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