The yellow metal rate rose on Friday, after US President Donald Trump announced to extend the deadline for possible action against Iran’s energy infrastructure.
At 9 pm on Friday, the MCX gold April futures contract jumped 3.88% or Rs 5,419 to Rs 1,44,912 per 10 grams, while the MCX silver May futures surged 5% or Rs 11,726 to Rs 2,31,600 per kg.
On Thursday, March 26, the MCX gold April futures closed 0.15% down to Rs 1,39,905 per 10 grams, while the MCX silver May futures ended 0.31% lower to Rs 2,19,200 per kg.
Globally, Gold gained after Trump extended his deadline again to secure a deal with Iran to end the war in the Middle East. The precious metal was near $4,500 an ounce, having risen almost 3% amid uncertainty over a potential ceasefire agreement, according to data collected by Bloomberg. The bullion has fallen around 15% since the conflict began on Feb. 28.
Trump announced to avoid attacks on Iranian energy sites for a further 10 days, offering a brief respite to markets jolted by nearly a month of conflict. According to Trump, the talks with Iran were going “very well”, while pledging to avoid targeting Iran’s energy sites for 10 days, providing a brief respite to global markets rattled by the conflict.
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Iran responded to the ceasefire proposal through intermediaries and is now awaiting a reply, news agency Tasnim reported. Tehran has set several conditions to end the conflict, which also include that the US and Israel would resume attacks.
However, Israel’s Defence Minister in a statement on Friday said that they will escalate and expand attacks on Iran. This comment was in response to Iran targeting civilians. In addition Israel and Iran continued to exchange missile fire and Tehran targeted several Persian Gulf states on Friday morning.
In addition to this US has deployed 1,000 to 2,000 troops to the Middle East amid escalating tensions with Iran. The deployment was intended to pressure Iran and to maintain flexibility for potential limited ground operations.
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