As per MCX data, domestic spot gold prices have declined more than 5% since the US-Iran war started on 28 February. (An AI-generated image)AI Quick ReadGold price today: Gold rate traded on the MCX on Monday (27 April) morning due to profit booking as investors' focus remained on progress in US-Iran peace talks while crude oil prices jumped over 1%.
However, a slight downtick in the US dollar supported the yellow metal. Lower dollar makes greenback-backed gold cheaper for buyers in overseas currencies.
MCX gold June contracts were 0.12% up at ₹1,52,877 per 10 grams, while MCX silver May contracts were flat at ₹2,44,650 per kg around 9:10 am.
The dollar index declined by 0.10% during the session even as Brent Crude prices jumped over 1% to trade above the $106 per barrel level.
In the previous session, gold June futures contract ended at ₹1,52,699 per 10 grams, rising about 0.60% and silver May futures contract closed at ₹2,44,636 per kilogram, gaining over 1%.
The US-Iran war, which began on 28 February, is completing two months and despite a ceasefire between the two countries, the bones of contentions between them remain unsettled.
According to reports, Iran’s Foreign Minister Abbas Araghchi said on Telegram that he met with Pakistan’s Field Marshal Asim Munir Saturday morning in Islamabad and explained Iran’s views on ending the war with the U.S.
Reports also suggested that the US President Donald Trump cancelled a planned trip by top envoys to resume negotiations with Iran in Islamabad, while Tehran continues its stance of not engaging in talks under threats or blockade.
Meanwhile, Israel and Hezbollah traded blame over ceasefire violations in Lebanon, with Prime Minister Benjamin Netanyahu saying the military was "vigorously" targeting the Iran-backed militia.
(This is a developing story. Please check back for fresh updates.)
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