Gold Price Today: The yellow metal rate slipped on Multi Commodity Exchange of India (MCX) today, July 2, even after US Federal Reserve indicated at a less hawkish approach.
At 9:01 am on Thursday, the MCX gold August futures contract fell 0.25% to Rs 1,43,946 per 10 grams, while the MCX silver September futures rose 0.4% to Rs 2,31,301 per kg.
In contrast, gold continued to gain in the global market after a speech by US Federal Reserve Chairman Kevin Warsh dampened possibility the central bank may hike interest rates this year to tackle inflation. The precious metal advanced up to 0.9% trading at around $4,066 an ounce after closing 0.6% higher the previous session, recovering two days of declines, according to data collected by Bloomberg.
The Fed chair's gave less hawkish than expected remarks at the European Central Bank forum in Portugal on Wednesday easing concerns about the central bank's next moves after the Iran war pushed up energy prices and raised inflation concerns . Higher interest rate is a headwind for non-yielding metals.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.