Gold Price Today: The yellow metal rate opened flat on Multi Commodity Exchange of India (MCX) today, June 16 as geopolitical tensions eased, with US and Iran confirming a peace deal to end the four-month long conflict.
At 9:03 am on Tuesday, the MCX gold July futures contract rose 0.01% to Rs 1,50,942 per 10 grams, while the MCX silver July futures dipped 0.35% to Rs 2,50,586 per kg.
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Gold continued to gain in the global markets after US President Donald Trump said the Strait of Hormuz is likely reopen on Friday, easing energy and inflation concerns that have rattled global markets.
The precious metal traded around $4,315 an ounce, following a jump of 2.2% in the previous session after the US and Iran announced an interim deal to end the war and lift their maritime blockades in the region.
Since the US-Iran conflict began in late February, gold fell nearly 18%. The metal moved primarily in an inverse relationship to crude during the war, as higher energy prices heightened inflation risks and prompted central banks to maintain interest rates or even hike them.
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