Gold Price Today: The yellow metal rate rose on MCXt oday, June 4 amid ongoing tensions in the Middle East and uncertainty over a ceasefire deal between the US and Iran.
At 9:02 am on Thursday, the MCX gold July futures contract surged 0.39% to Rs 1,56, 920 per 10 grams, while the MCX silver July futures jumped 0.18% to Rs 2,63,439 per kg.
On Wednesday, the MCX gold July futures closed 0.48% down to Rs 1,56,304 per 10 grams, while the MCX silver July futures ended 1.43% lower to Rs 2,62,900 per kg.
In contrast, gold declined globally amid doubts over the US-Iran peace deal as clashes in the Middle East continue, raising energy prices elevated and inflation concerns. The precious metal dropped up to 1.4% to below $4,430 an ounce, touching the lowest intraday level in nearly a week, according to data collected by Bloomberg.
The US and Iran clashed again last night, with Kuwait and Bahrain being targeted, resulting in one the most serious attacks following a fragile ceasefire that went into effect in early April. Oil prices, which rose for a third consecutive day, and a strong US jobs market raised the expectations that the Federal Reserve will hike interest rates at its June meeting. High interest rates are typically considered negative for gold as it does not pay any interest.
Gold mostly had an inverse relationship with oil since since the conflict began in late February. It tumbled significantly in the early days of the conflict and now is about 16% below its pre-war level, however it has traded in a narrow range for the last few weeks.
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