Gold Price Today: Precious metals continued to gain on Multi Commodity Exchange of India (MCX) today, July 22 after US launched fresh strikes against Iran, raising geopolitical and inflation risks.
At 9:05 am on Wednesday, the MCX gold August futures contract rose 1.08% or Rs 1,542 to Rs 1,44,301 per 10 grams, while the MCX silver September futures was 1.14% or Rs 2,554 at Rs 2,26,333 per kg.
In the global market, gold rallied as dip-buyers boosted rates despite ongoing tensions due to the Middle East Conflict that has rattled markets for over five months. The bullion surged up to 1% trading over $4,100 an ounce, continuing an around 2% gain in the previous session. Silver also jumoed, to near $60 an ounce. The latest surge came as Treasury yields remain elevated and renewed hostilities between the US and Iran are yet to show any sign of resolution.
US President Donald Trump has denied the possibility of immediate talks with Iran after both sides exchanged strikes near the Strait of Hormuz. Trump's remark came after the 10th day of US and Iran attacks amid efforts by mediators continued to restart negotiations. Oil prices rose on Wednesday, and have rallied in July since hostilities resumed following a ceasefire agreement..
The US-Iran conflict contributed to end a multiyear bull run for gold, which has drooped nearly a quarter from its January peak of around $5,600 an ounce. Traders are assessing elevated energy prices against soft US economic data as they look for hints on the Fed's plan on interest rates. Higher borrowing costs are a headwind for non-yielding bullion.
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