Gold prices on Multi Commodity Exchange (MCX) opened sharply lower on Tuesday, following weakness in international bullion prices as the announcement of Israel-Iran ceasefire by US President Donald Trump dented the safe-haven appeal for the yellow metal.
MCX gold rate opened 0.58% lower at ₹98,807 per 10 grams, as against its previous close of ₹99,388 level. price hit an intraday low of ₹96,422 on MCX in early trade, falling as much as 2.98%. MCX Silver rate opened 0.24% lower at ₹1,06,502 per kg as compared with its previous close of ₹1,06,759. It hit a low of ₹1,05,905 level.
At 9:10 AM, MCX gold price was trading lower by ₹1,210, or 1.22%, at ₹98178 per 10 grams. MCX price was down by ₹825, or 0.77%, at ₹1,05,934 per kg.
In the global markets, gold prices fell to a near two-week low as risk appetite improved after Trump said Iran and Israel had agreed to a .
Spot gold price was down 0.5% to $3,351.47 an ounce, after hitting its lowest level since June 11 earlier in the session. US gold futures slipped 0.9% to $3,365.30. Spot silver eased 0.1% to $36.10 per ounce.
US President Donald Trump announced a “Complete and Total CEASEFIRE” between Israel and Iran, meaning an official end to what he called the “12-Day War.”
However, while an Iranian official earlier confirmed that had agreed to a ceasefire, the country’s foreign minister said there would be no cessation of hostilities unless Israel stopped its attacks.