Gold Price Today: The yellow metal rate fell on Multi Commodity Exchange of India (MCX) today, July 15 after monthly US inflation came in lower than expected, relieving some pressure on the Federal Reserve to hike interest rates.
At 9:03 am on Wednesday, the MCX gold August futures contract dipped 0.58% to Rs 1,41,370 per 10 grams, while the MCX silver September futures dropped 0.49% to Rs 2,22,100 per kg.
In the global markets, gold remained steady following the declaration of monthly US inflation dats, which came in lower than expected, lessening the possibility on the Federal Reserve to hike interest rates. The preciois metal traded around $4,050 an ounce, after 1.3% jump in the previous session, according to data collected by Bloomberg. US consumer prices dropped in June for the first time in six years, resulting in a rally in the bond market amid bets on a rate hike as soon as this month. A key gauge of underlying inflation was little changed, according to Bureau of Labor Statistics data released Tuesday.
Following renewed US-Iran tensions, accompanied by a new surge in crude prices, the inflation risks rose again. This raises the likelihood that central banks may ultimately keep interest rates higher for longer, creating headwinds for non-yielding precious metals.
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