Gold prices rose again ₹from 1,997 ₹The price rose to Rs 1.41 lakh per 10 grams in futures trade on Friday in view of bargain buying by traders after the rise and sharp fall in global markets.
Yellow metal remained bullish for April delivery on Multi Commodity Exchange (MCX) ₹1,997, or 1.43 percent, ₹₹1,41,490 per 10 grams. but it was decided ₹With a decline of Rs 1,39,493 per 10 grams ₹Thursday, 4,604, or 3.2 percent.
Similarly, the June contract was also appreciated ₹1,811, or 1.27 percent, ₹₹1,44,325 per 10 grams on MCX. Gold futures prices had fallen in the last session ₹4,926, or 3.34 percent, ₹₹1,42,514 per 10 grams.
Read this also Gold prices fall 8%, silver prices fall 11% on MCX amid Iran-US war: Check city-wise rates
Commodity markets were closed in the morning session on the occasion of Ram Navami and trading resumed in the evening session on Thursday.
In the international market, gold for April delivery on Comex rose by US$ 89.1, or 2.04 per cent, to US$ 4,465.4 an ounce. The June contract also rose US$80.55, or 1.83 percent, to US$4,489.55 an ounce.
“Gold rose above US$4,400 an ounce after a sharp fall in the previous session as US President Donald Trump extended his deadline to secure a deal to end the war with Iran,” said Jigar Trivedi, senior research analyst at IndusInd Securities.
He said Trump’s promise to refrain from targeting Iranian energy facilities until April 6 would provide some relief to markets unsettled by nearly a month of hostilities.
Trump also said Iran had allowed 10 oil tankers to pass through the Strait of Hormuz this week as a “gift” to the United States.
Meanwhile, Iran had rejected Washington’s 15-point plan and presented its own conditions to end the war, including recognizing Tehran’s authority over Hormuz.
Gold fell nearly 3 percent in global markets on Thursday amid doubts over a possible ceasefire, Trivedi said, while rising energy costs stoked inflation concerns and raised expectations of interest rate hikes by major central banks.
He said that in view of the strength in foreign markets, gold futures prices may increase in the near term.