Gold Price Today: The yellow metal rate dropped on MCX today, June 5 amid geopolitical uncertainties in the Middle East.
At 9:01 am on Friday, the MCX gold July futures contract fell 0.62% to Rs 1,56,308 per 10 grams, while the MCX silver July futures dropped 1.46% to Rs 2,60,927 per kg.
In the global market. gold is set to post weekly loss as uncertainty continued over progress in US-Iran talks to end the war. The precious metal dropped below $4,450 an ounce on Friday, a decline of nearly 2% in a week amid renewed clashes in the Middle East since a ceasefire was agreed in early April. Hezbollah rejected a US-brokered truce between Israel and Lebanon on Thursday. This was followed by missile and drone attacks on Kuwait and Bahrain and an American strike on an oil tanker headed to Iran.
The peace talks to end the conflict have paused after hopes to near a resolution last week. US President Donald Trump said Thursday that peace talks were in the “final” stages after Iranian Foreign Minister Abbas Araghchi had earlier stated “no tangible progress has been achieved.”
The conflict, now in its fourth month has disrupted energy flows via the Strait of Hormuz, raised oil prices higher and concerns around global inflation. This makes central banks more likely to keep interest rates steady or raise them, a headwind for precious metals, which does not pay interest.
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