Gold rate declined on the MCX on Monday, April 6, morning. (Pixabay)AI Quick ReadGold price today: Gold rate declined on the MCX on Monday, April 6, morning, amid profit booking, driven by a stronger US dollar, as the US-Iran war keeps crude oil prices at higher levels, raising inflationary concerns. Moreover, strong US jobs data further dimmed the prospects of a US Fed rate cut in the near future.
MCX gold June futures dropped by ₹1,400, or nearly 1%, to ₹1,48,298 per 10 grams, while MCX silver May contracts declined by over ₹2,800, or more than 1%, to ₹2,29,651 per kg in early deals.
The dollar index remained above 100, keeping the yellow metal expensive in overseas markets. The rise in the dollar index is largely because of soaring crude oil prices. Since crude oil is mostly traded in dollars, a rise incommodity prices increases demand for the dollar.
The crude oil prices traded at a multi-year high. Brent Crude traded near $110 per barrel on Monday morning as the US-Iran war, which began on February 28, entered its sixth week.
Meanwhile, robust U.S. nonfarm payrolls data dimmed hopes of a rate cut by the US Federal Reserve this year, which was already weak due to the rising fears of an inflation flare-up amid soaring crude oil prices.
As Reuters reported, U.S. nonfarm payrolls increased by 1,78,000 jobs in March, the most since December 2024, while the unemployment rate fell to 4.3%.
(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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He is obsessed with breaking down complex financial and economic concepts into clear and engaging stories. He focuses not only on what is happening in the markets, but also why it matters.
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His coverage includes stock market trends, sector rotations, monetary and fiscal policy developments, inflation, growth data, and personal finance strategies.
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With nearly 10 years of experience in covering financial markets, Nishant has covered bull markets, corrections, policy transitions, and macro developments that has equipped him with a deep understanding of how domestic and global forces shape markets and affect investments.
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He regularly interviews market veterans, fund managers, economists, policymakers, and corporate leaders to provide readers with a 360-degree view of market dynamics and the broader economic landscape.
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Before joining Mint, Nishant worked with some of India’s most respected business newsrooms, including The Economic Times and Moneycontrol, where he reported extensively on the stock market, corporate earnings, macroeconomic trends, GDP, inflation, monetary policies of the RBI and the US Federal Reserve, bonds, and currencies.
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Apart from economics and investing, he has interests in geopolitics and emerging technologies, such as AI.