Gold Price Today: Both gold and silver opened low on MCX today, May 18 amid import curbs by the Indian government and renewed tensions between US and Iran.
At 9:01 am on Monday, the MCX gold June futures contract fell 0.47% to Rs 1,57, 413 per 10 grams, while the MCX silver July futures dropped 1.1% to Rs 2,68,903 per kg.
Days after hiking import duty on precious metals, the government on Saturday tightened its grip on silver imports, imposing fresh restrictions that will require traders to obtain a government licence to bring the precious metal into the country.
US President Donald Trump issued a stark warning to Iran on Sunday, saying that Tehran faces devastating military consequences if it fails to come forward with a credible offer to end the ongoing war.
Gold continued to decline as a lack of progress in reopening the Strait of Hormuz continued to raise inflation concerns. The bullion dropped up to 1.3% to around $4,480 an ounce, after retreating almost 4% last week.
The yellow metal has traded in a fairly narrow range since falling sharply in the early days of the war, as investors assess inflation risks that could keep rates higher and growth concerns that could prompt monetary easing as the conflict drags on. Ever since the conflict began, the bullion is down around 15%.
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