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Gold rate today: Gold price declined on the MCX on Monday (11 May) morning as an elevated US dollar, driven by a rebound in crude oil prices, weighed on bullion.
MCX gold June futures were 0.10% down at ₹1,52,376 per 10 grams, while MCX silver July contracts were 0.64% up at ₹2,63,599 per kg around 9:10 am.
The dollar index rose by 0.20% after crude oil benchmark Brent Crude jumped 5% to trade above the $105 per barrel level.
Higher crude oil prices and derailed US-Iran talks have fuelled inflation worries, strengthening the expectations of no rate cuts by the US Federal Reserve this year. Higher-for-longer interest rates are negative for non-yielding bullion.
The US-Iran episode remains a tough headwind for gold as well as stock markets. US President Donald Trump refused Iran's peace offer, terming it unacceptable.
According to media reports, Trump said the US remains determined to confiscate Iran’s remaining enriched uranium. Israeli Prime Minister Benjamin Netanyahu said Iran’s nuclear programme remains an unresolved threat despite recent military operations.
Meanwhile, Prime Minister Narendra Modi on Sunday urged Indians to use petrol, gas, diesel and such things with great restraint, and to avoid purchasing gold for one year, amid the ongoing West Asia crisis.
(This is a developing story. Please check back for fresh updates.)
Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
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