Gold Price Today: The yellow metal dipped on MCX today, June 9 as hopes of an end to the Middle East conflict rose after Israel and Iran agreed to halt attacks on each other.
At 9:03 am on Tuesday, the MCX gold July futures contract fell 0.06% to Rs 1,52, 811 per 10 grams, while the MCX silver July futures dropped 0.8% to Rs 2,44,417 per kg.
On Monday, the MCX gold July futures closed flat Rs 1,52,910 per 10 grams, while the MCX silver July futures ended 0.05% lower to Rs 2,46,500 per kg.
In the global market, gold remained steady after both Israel and Iran agreed to end attacks that had impacts talks to end the war in the Middle East. The precious metal was around $4,320 an ounce on Tuesday. Both sides vowed to end missile strikes after an appeal by US President Donald Trump for de-escalation as he seeks for a resolution to the end the conflict that has rattled global markets.
The conflict, now in its fourth month has disrupted global supplies due to the the Strait of Hormuz blockade and soaring oil prices that sparked oncerns about global inflation, making central banks more likely to keep interest rates steady or raise them, a headwind for precious metals.
Gold dipped significantly during the initial days of the conflict and currently stands at around 18% lower than its pre-war level. On Friday, the bullion wiped off its year-to-date gains following a strong US jobs report raised bets that the Federal Reserve will raise interest rates this year.
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