Gold Price Today: The yellow metal rate opened flat on Multi Commodity Exchange of India (MCX) today, July 6 amid lessening hopes of rate hikes by US Federal Reserve.
At 9:05 am on Monday, the MCX gold August futures contract opened 0.06% lower at Rs 1,47,110 per 10 grams, while the MCX silver September futures dropped 0.16% to Rs 2,37,028 per kg.
Gold remained steady in the global markets as well, after posting its first weekly gains since May, driven by reduced expectations that the US Federal Reserve will hike interest rates.
Bullion traded near $4,190 an ounce, having advancing more than 2% last week. Soft US jobs data, along with lower energy prices, have led traders to dial back bets on monetary policy tightening, according to data collected by Bloomberg. Oil prices fell on Monday as more tankers moved through the Strait of Hormuz and OPEC+ signaled higher supplies.
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