- Gold price on MCX fell 0.2% to Rs 1,50,676 per 10 grams on June 17
- Silver July futures on MCX dropped 0.22% to Rs 2,49,560 per kg
- Gold gained globally amid US-Iran interim peace deal easing inflation fears
Gold Price Today: The yellow metal rate fell on Multi Commodity Exchange of India (MCX) today, June 17 as geopolitical tensions ease and ahead of US Federal Reserve meeting.
At 9:06 am on Wednesday, the MCX gold July futures contract dipped 0.2% to Rs 1,50,676 per 10 grams, while the MCX silver July futures dropped 0.22% to Rs 2,49,560 per kg.
In contrast, gold continued to gain in the global markets ahead of US and Iran's plan to sign an interim peace deal that is expected to ease global inflationary pressures due to the war. The precious metal traded around $4,335 an ounce, following more than 6% surge over the past four sessions, according to data collected by Bloomberg.
Notably, US President Donald Trump repeatedly assured that the Strait of Hormuz can fully re-open by Friday. The reopening of the key global supply route is expected to ease an energy supply crisis that has raised inflation risks and prompted many central banks to keep rates on hold or even hike them, which is negative for non-yielding bullion.
Traders will also watch for the first Federal Reserve policy decision under new chairman Kevin Warsh today, with focus on how he may handle the inflation risk. Market expectations are for rates to be kept on hold.
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