- Gold price on MCX opened flat on May 8 amid easing US-Iran tensions
- MCX gold June futures rose 0.32% to Rs 1,52,662 per 10 grams at 9:01 am
- MCX silver July futures increased 0.91% to Rs 2,60,901 per kilogram
Gold Price Today: The yellow metal rate opened flat on India's MCX on Friday, May 8, amid optimism over easing tensions between US-Iran despite renewed tensions in the Middle East over the Strait of Hormuz.
At 9:01 am on Friday, the MCX gold June futures contract rose 0.32% to Rs 1,52,662 per 10 grams, while the MCX silver July futures were 0.91% at Rs 2,60,901 per kg.
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The bullion surged as buying interest grew amid strong purchases by China's central bank, despite latest clashes in the Middle East threatened to impact a fragile ceasefire between US and Iran, Bloomberg reported.
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Gold traded around$4,720 an ounce, after ending the previous session marginally lower. The US attacked military targets in Iran after the Islamic Republic fired on three navy destroyers sailing in the Strait of Hormuz.
The renewed tensions raises uncertainty over the US attempt to exit a war, which is in its third month, and while it is waiting for Iran to respond to its proposal to reopen the Strait of Hormuz, a key connectivity route for global energy supplies.
It is expected that the China's central bank demand, which has been a major contributor to gold's rally will continue, the news portal said. The People's Bank of China, among the biggest official sector buyers of the bullion, purchased eight tonnes in April, highest since 2024, as per data released on Thursday.
The yellow metal fell around 11% ever since the US-Iran conflict started, late February and with the closing of the Strait of Hormuz that resulted in energy price shock, raisinf concerns of growing inflation, which is likely to keep interest rates higher for longer. High rates and strong US dollar are negative for the bullion as it does not yield any interest.
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