Gold price today: Rate drops due to profit booking; lingering uncertainty on US-Iran talks weighs on sentiment (Agencies)AI Quick ReadGold price today: Gold rate declined on the MCX in early deals on Tuesday, 21 April, due to profit booking amid an uptick in the US dollar, while persisting uncertainty about the proposed US-Iran talks keeps crude oil prices at elevated levels, weighing on gold prices.
MCX gold June futures were 0.07% down at ₹1,53,829 per 10 grams, while MCX silver May contracts were 0.69% down at ₹2,50,801 per kg at 9:10 am.
Gold and silver rates have been highly volatile of late, largely due to the rise in the US dollar driven by a spike in crude oil prices. When oil prices rise, demand for the dollar rises, as oil is largely traded in US dollars. This drives the greenback higher, weighing on gold prices.
Even as Brent Crude oil prices eased slightly, they traded near the $95 a barrel.
Higher crude prices raise inflationary risks with increased transportation and production costs. This dims the prospects of interest rate cuts, making yield-bearing assets, such as fixed deposits and bonds, more attractive, weighing on non-yield-bearing gold prices.
(This is a developing story. Please check back for fresh updates.)
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Nishant is a market reporter at Mint, where he holds the official designation of Principal Correspondent – Markets. He has been closely tracking the Indian stock market as well as major global stock markets along with the broader macroeconomic trends for a decade.
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