Gold Price Today: The yellow metal rate dropped on Multi Commodity Exchange of India (MCX) today, June 30 ahead of fresh US-Iran talks.
At 9:01 am on Tuesday, the MCX gold July futures contract fell 1.3% or Rs 1,824 to Rs 1,38,630 per 10 grams, while the MCX silver September futures declined 0.85% or Rs 1,889 to Rs 2,20,745 per kg.
In the global markets, gold continued to drop below $4,000 an ounce as the US and Iran likely to hold fresh talks to end the war that's fueled global inflationary pressures. The precious metal slipped up to 1.8% trading at $3,943, the lowest intraday level since November, after nearly 2% losses in the last session, according to data collected by Bloomberg. Washington said negotiations with Tehran are scheduled to begin on Tuesday in Doha, while Iran's foreign ministry said on Telegram that it would send a delegation of experts and ruled out direct talks, reports said.
Iranian Deputy Foreign Minister Kazem Gharibabadi said that the Islamic Republic plans to continue to oversee traffic through the Strait of Hormuz, which is opposed by the US, Europe and Gulf Arab nations. This indicates the differences over the management of the vital global supply route.
Since the war began in late February, gold has lost around 25%. Though oil prices have retreated after spiking earlier in the war, expectations remain that central banks will keep interest rates higher for longer. This creates headwinds for non-yielding precious metals.
In additionto US-Iran conflict, a strong dollar has put pressure on gold that's priced in the US currency, making the metal more expensive for foreign buyers. A gauge of the American currency has jumped more than 2% this month.
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