Gold Price Today: The yellow metal rate fell on Multi Commodity Exchange of India (MCX) today, July 28 ahead of US Federal Reserve's decision amid developments in the Middle East
At 9:02 am on Tuesday, the MCX gold August futures contract dipped 0.56% to Rs 1,42,100 per 10 grams, while the MCX silver September futures dropped 1.42% to Rs 2,18,025 per kg.
In the global markets too, gold dipped days before a possibly divisive decision on US Federal Reserve interest rates, while an uncertain halt in Middle East tensions soothed inflation fears.
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The precious metal dropped as much as 0.8% to near $4,040 an ounce, erasing a modest gain in the previous session. Traders are looking at the Federal Reserve's rate decision Wednesday, with policymakers remain divided between June's tamer-than-expected inflation data and the latest jump in oil prices that accompanied a flare-up in fighting between the US and Iran.
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