Gold bounces above $4,400/oz

Gold rose above $4,400/oz after a sharp decline in the previous session, as President Donald Trump pushed back his deadline for Iran to secure a deal to end the war. Trump pledged to refrain from targeting Iranian energy facilities until April 6, providing some relief to markets unsettled by nearly a month of hostilities. He also said Iran had allowed 10 oil tankers to pass through the Strait of Hormuz this week as a “present” to the US. Meanwhile, Iran confirmed it had rejected the US’ 15-point plan to end the war and submitted its own conditions, including recognition of Tehran’s authority over Hormuz. On Thursday, gold dropped nearly 3% amid persistent doubts that the US and Iran can reach a ceasefire agreement any time soon. Gold and other metals came under heavy selling pressure as the Middle East conflict and surging energy prices fueled inflation concerns and raised expectations that major central banks could hike interest rates this year. MCX Gold April futures is likely to appreciate Rs 140,000/10g as prices are up in the global markets.- By Mr. Jigar Trivedi, Senior Research Analyst at Indusind Securities

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(સ્પષ્ટતા: અત્રેથી આપવામાં આવતી તમામ પ્રકારની માહિતી કોઇપણ પ્રકારે રોકાણ/ ટ્રેડીંગ માટેની સલાહ નથી. બજારોમાં રોકાણ જોખમોને આધીન છે અને રોકાણ કરતા પહેલા કૃપા કરીને તમારા સલાહકારની સલાહ લો.)