- Gold price on MCX fell 1.5% to Rs 1,43,037 per 10 grams on July 8
- Silver September futures dropped 3.17% to Rs 2,23,550 per kg on MCX
- Trump declared the ceasefire with Iran over, increasing geopolitical tensions
Gold Price Today: The yellow metal rate dropped sharply on Multi Commodity Exchange of India (MCX) during trading hours today, July 8 after US President Donald Trump claimed that the ceasefire with Iran with over, heightening geopolitcal tensions.
At 2:27 pm on Wednesday, the MCX gold August futures contract fell 1.5% or Rs 2,240 to Rs 1,43,037 per 10 grams, while the MCX silver September futures dipped 3.17% or Rs 7,307 to Rs 2,23, 550 per kg.
The sharp fall comes after Trump slammed Iran, calling Tehran "dirty players" and declaring the ceasefire between the two countries effectively over, in his first remarks since confirming a fresh round of American strikes overnight.
“For me, I think it's over,” he said on Wednesday in Ankara, during a conversation with NATO Secretary General Mark Rutte at the military alliance's annual summit. “As far as I'm concerned it's just a waste of time.”
His remarks came shortly after the US launched latest strikes against Iran and revoked a waiver that allowed the sale of Iranian oil. The actions, taken in response to recent attacks on ships transiting the Strait of Hormuz, brought fresh volatility to energy markets and tested an already fragile peace agreement between Washington and Tehran.
They're sick people, they're led by sick people, and they're vicious, violent people, and if they had a nuclear weapon, they'd use it," he said.
However, Trump said he wouldn't stop negotiators from continuing to engage, expressing doubts over such talks.
“They can talk, but I think they're wasting their time," he said.
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