Gold Price Today: The yellow metal rate slipped on Multi Commodity Exchange of India (MCX) today, July 1 amid indications of rate hike by Federal Reserve and US-Iran talks
At 9 am on Wednesday, the MCX gold August futures contract fell 0.77% or Rs 1,091 to Rs 1,41,280 per 10 grams, while the MCX silver September futures dropped 1.8% or Rs 4,116 to Rs 2,24, 447 per kg.
In the global market too, gold dipped for a third day as traders looked for hints that the Federal Reserve may tighten policy and tracked US-Iran peace talks. Spot gold fell below $3,980 an ounce following a 2% drop over the prior two sessions and prices hit the lowest since November, according to data collected by Bloomberg. On Tuesday, Fed Bank of Cleveland President Beth Hammack said that she is not seeing a lot of evidence interest rates are restraining the economy, and the central bank may hike them to keep inflation below its 2% target.
In terms of US-Iran conflict, American negotiators Jared Kushner and Steve Witkoff had conducted discussions with regional leaders in Qatar and technical talks with Iran.
Meanwhile, Tehran has reiterated its intention to play a greater role in overseeing maritime traffic through the Strait of Hormuz, bringinh uncertainty in peace talks as broader issues — including its nuclear programme and regional security concerns remain unresolved despite the current 60-day ceasefire framework.
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