- Gold price on MCX fell 1.51% to Rs 1,48,484 per 10 grams on June 10
- Silver July futures on MCX dropped 1.37% to Rs 2,35,256 per kg the same day
- Global gold prices declined nearly 2% below $4,175 an ounce after Middle East strikes
Gold Price Today: The yellow metal rate dropped on MCX today, June 10 as tensions Middle East rose after Washington launched strikes against Tehran, in retaliation to attack on US Army Apache helicopter near the Strait of Hormuz.
At 9:01 am on Tuesday, the MCX gold July futures contract fell 1.51% or Rs 2,283 to Rs 1,48,484 per 10 grams, while the MCX silver July futures dropped 1.37% or 3,272 to Rs 2,35,256 per kg.
The latest drop in MCX gold price come as the bullion continues to decline in the global market after latest strikes in the Middle East, jeopardising efforts to end the war that's rattled global markets and heightened inflation risks. The precious metal fell around 2% to below $4,175 an ounce on Wednesday, after 1.6% slip in the previous session.
Meanwhile, brent crude prices rebounded after the recent attacks raising inflation concerns and the possibility of central banks to hold interest rate steady or even hike them, which has typically been a headwind for non yielding gold.
Ever since the conflict began in late February, gold trades nearly a fifth below its pre war level. The metal's recent dip has triggered more selling as it's seen as an important level watched by institutional investors, Bloomberg reported.
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