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Gold prices opened modestly higher on Multi-Commodity Exchange (MCX) amid the resumption of peace talks between the US-Iran in the Middle East. At around 9:00 am, Wednesday, Gold May futures rose 0.02% to Rs. 1,53,305 per 10 grams on MCX, while Silver May futures contract advanced 0.83% to Rs. 2,54,842 per kg.
Meanwhile, Brent crude futures fell 0.55% to $94.27 a barrel after a 4.6% decline in the previous session. US West Texas Intermediate crude was down $1.04 or 1.1% to $90.24 after dropping 7.9% the session before.
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The price of 24K gold increased by Rs. 142, with 10 grams of the precious metal trading at Rs. 1,55,350. The price of 22K gold also advanced by Rs. 130, with 10 grams of the yellow metal selling at Rs. 1,42,400.
The price of 10 grams of 24K gold stood at Rs. 1,55,350 in Mumbai and Kolkata. Chennai traded higher at Rs. 1,56,220, while Delhi came in at Rs. 1,55,500.
US gold prices were largely unchanged, trading near a one-week high as investors await clarity on US-Iran peace talks.
Spot gold was steady at $4,841.76 per ounce. US gold futures for June delivery rose 0.3% to $4,866.50.
Spot silver gained 0.4% to $79.87 per ounce, platinum rose 1.1% to $2,127.45, and palladium advanced 0.1% to $1,596.28.
US president Donald Trump said peace talks to end the war in the Middle East could take place in Pakistan over the next two days.
Adding to uncertainty, the US military said the American forces have completely stopped the economic trade toward the Strait of Hormuz by a blockade.
Traders now expect a 30% chance of a 25-basis-point US rate cut this year, up from about 13% last week.
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“On the lower level, the COMEX gold rate may try to test the $4,650 and $4,600 levels on breaching below the $4,700 per ounce support. Likewise, the MCX gold rate may try to touch Rs. 1,48,000 and Rs. 1,45,000 on breaking below Rs. 1,52,000 on a closing basis,” Anuj Gupta a SEBI-registered market expert.
