Gold Price Today: The yellow metal rate rose on Multi Commodity Exchange of India (MCX) today, July 20 amid ongoing tensions between US and Iran.
At 9:04 am on Monday, the MCX gold August futures contract advanced 0.23% to Rs 1,41,102 per 10 grams, while the MCX silver September futures was up 1.36% trading at Rs 2,19,349 per kg.
In the global market, gold remained steady after the US and Iran continued strikes during the weekend, while traders assess the possibility of the Federal Reserve raising interest rates to combat inflation risks. The precious metal traded around $4,010 an ounce, following a 2% slip last week. In terms of oil prices, benchmark Brent crude rose to above $90 a barrel follwoing escalation of hostilities in the Middle East, including an attack on a vital oil facility in Kuwait and the targeting of ships attempting to transit through the Strait of Hormuz.
Meanwhile, Iran said the ceasefire between the US and Iran has been abandoned, heightening the likelihood of of deepening disruptions to crucial energy flows through the crucial waterway.
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