MCX Gold Rate Update

Following the easing of inflation fears and the start of US-Iran ceasefire talks in Islamabad, the precious yellow metal witnessed value buying throughout the week. The MCX gold rate finished at ₹1,52,690 per 10 gm, logging a weekly gain of around 2% against the previous Friday's close of ₹1,49,650 per 10 gm. Likewise, the COMEX gold rate ended at $4,787.40 per troy ounce, logging a weekly gain of nearly 3%. According to market experts, the gold rate today is in an uptrend as the US dollar weakened following the US-Iran truce, though market participants continued to assess its durability and implications for interest rates. "Gold buyers are carefully reclaiming the narrative this week with higher lows every day, helped by the tentative ceasefire. Expect a significant battle ahead of $5,000; a break back above could re-ignite the bull run," independent metals trader Tai Wong told Reuters.