Gold Rate Today: Price Rises On Recovery In Global Market 

Mumbai, April 1: Gold rates recovered by ₹197 on Wednesday in India on better traction from global markets as US president Donald Trump’s statement hinted that tensions with Iran may come to an end in coming two-three weeks.

In the domestic market, 24K gold rate advanced ₹197 to ₹15,148 per gram and 22K gold was traded ₹180 higher at ₹13,885 per gram.

Gold prices traded higher in domestic as well as global markets after Trump hinted that there could be possibility of normalcy in coming few weeks and Americans do not have to pay high taxes.

Investors seemed to book profit at higher levels in the past few sessions as energy prices soared amid possibility of military conflict with Iran ebbing away. However, Trump’s recent announcement that the US will scale back its military presence in the Middle East resulted in buying emerging in the yellow metal.

A commodity analyst opined that Trump’s recent statements supported gold prices. Analyst added that although bullion prices usually rally when uncertainties rise, whenever fears on geopolitical front ease there is an opportunity for new buyers who will push prices higher on currency flows and global liquidity.

Gold on the other hand corrected sharply from its recent highs as investors trimmed their positions fearing higher interest rates for long while surge in crude oil prices worried many investors. Here comes Trump’s tweet supporting that conflict between US and Iran could end sooner and helping gold scale higher in domestic as well as global market.

Gold rates in various Indian cities:

Source: www.goldreturns.in