Gold price today: Gold rate dropped by over half a per cent while that of silver crashed more than 2% in early deals on the MCX on Thursday, 23 April, due to profit booking after the US dollar climbed amid a rebound in crude oil prices, following reports of fresh tensions between the US and Iran.
MCX gold June contracts were down about 0.50% at ₹1,51,947 per 10 grams, while MCX silver May contracts were down by nearly 2% at ₹2,43,856 per kg around 9:10 am.
The dollar index climbed by 0.15%, weighing on gold prices, after Brent Crude prices jumped by 2% to trade above the $103 a barrel.
A spike in crude oil prices drives the demand for dollars higher as the commodity’s global trade mostly takes place in greenbacks.
(This is a developing story. Please check back for fresh updates.)
Read all market-related news here
Read more stories by Nishant Kumar
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.
Source link