Gold Price Today: MCX Rate Ticks Higher Amid Hopes Of Easing Geopolitical Tensions

Gold Price Today: The precious metal rate remained flat Wednesday, April 15 amid renewed hopes of easing tensions between US and Iran.

At 9:04 am on Wednesday, MCX gold May futures contract was marginally up, 0.02% at Rs 1,53, 305 per 10 grams, while the MCX silver May futures rose 0.83% to Rs 2,54,842 per kg.

On Tuesday, the MCX gold closed flat at Rs 1,53,216 per 10 grams, while the MCX silver May futures ended 0.1% lower to Rs 2,25,499 per kg.

Globally, gold continued with gains over optimism that US and Iran are aiming for a negotiated settlement to the conflict that began on February 28, easing concerns of inflation due to an energy-supply shock.

The yelllow metal remained steady at around $4,850 an ounce, after rising as much as 0.6%. This comes after gold advanced more than 2% in the previous session as Washington and Tehran seek to conduct second round of ceasefire talks in the coming days, Blooberg reported citing people familiar with the matter. US President Donald Trump said negotiations are likely to resume “over the next two days,” the New York Post reported.

The concern of rising consumer prices had led traders to estimate that central banks will keep interest rates steady for longer or may even hike them, which is a headwind for non-yielding bullion. Gold has dropped around  8% ever since the conflict began, with a liquidity squeeze in the early weeks of the conflict led the investors to offload holdings and cover losses in other assets.Uncertainty in Middle East continues primiarily around the Strait of Hormuz, the maritime chokepoint that links the Persian Gulf to global markets. The Trump administration is pushing ahead with a naval blockade to curb Iran's oil exports.

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