Gold, Silver Price Today: The yellow metal rate traded lower on Multi Commodity Exchange of India (MCX) today, June 11 as crude prices soared after US launched fresh strikes against Iran, raising geopolitical tensions.
At 9:03 am on Thursday, the MCX gold August futures contract dipped 0.99% or Rs 1,421 to Rs 1,41,955 per 10 grams, while the MCX silver September futures dropped 2.18% or Rs 4,865 to Rs 2,17,799 per kg.
Gold continued to drop in the global markets too after the US and Iran exchanged fresh strikes during the weekend, raising energy prices, inflation concerns and possibility of interest-rate hikes.
The precious metal fell as much as 1.4% to near $4,060 an ounce on Monday, matching last week's entire loss in percentage terms, according to data collected by Bloomberg.
Tensions escalated over the status of shipping in the Strait of Hormuz, with the US denying a statement by Iran that the waterway would be closed “until further notice.”
The US forces completed a fourth round of strikes in a week in response to an attack by the Islamic Republic on a Cyprus-flagged container ship, US Central Command said.
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