Gold rate on MCX declined on 24 April amid a stronger dollar and higher crude oil prices.(Image: Pixabay)AI Quick Read
Gold price today: Gold rate declined on the MCX in the morning trade on Friday, 24 April, amid a rise in the US dollar, driven by elevated crude oil prices as the US-Iran peace deal remains surrounded by uncertainty.
MCX gold June futures were 0.32% down at ₹1,51,280 per 10 grams, while MCX silver May futures were 0.47% down at ₹2,40,373 per kg around 9:05 am.
International gold prices, too, were under pressure, set for their weekly decline, as higher crude oil prices have increased inflationary risks and fanned speculation that interest rates may remain at a higher level for a longer period.
The U.S. dollar has gained nearly 1% this week, weighing on gold prices. On the other hand, the benchmark 10-year U.S. Treasury yield has risen by more than 2% this week, increasing the opportunity cost of holding gold, a non-yielding asset.
(This is a developing story. Please check back for fresh updates.)
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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.