Gold Price Today: The yellow metal rate fell on Multi Commodity Exchange of India (MCX) today, July 7 amid renewed geopolitical tensions after a tanker was reportedly struck by a projectile near the Strait of Hormuz.
At 9:02 am on Tuesday, the MCX gold August futures contract dipped 0.51% to Rs 1,46,005 per 10 grams, while the MCX silver September futures dropped 1.41% to Rs 2,33,416 per kg.
Gold continued to slip in the global markets after renewed attacks on shipping in the Strait of Hormuz, heightening risks for vessels carrying oil and natural gas via the waterway.
The precious metal dipped as much as 0.9% to trade around $4,125 an ounce, having given up 0.3% on Monday, according to data collected by Bloomberg.
A tanker reportedy hit towards the east of Oman. According to Axios, Iran fired at least two missiles at commercial ships transiting the strait. Oil gained, raising concerns around inflation and increased possibility of interest-rate hikes — a negative for gold, which doesn't pay interest.
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