Gold price today: Gold rate on MCX dropped on Monday (18 May) morning as higher crude oil prices stoked inflation concerns and fuelled worries of possible near-term monetary tightening.
MCX gold June futures were down 0.43% at ₹1,57,858 per 10 grams, while MCX silver July futures were down 1.24% at ₹2,68,511 per kg around 9:05 am.
Higher crude oil prices increased demand for the dollar, driving the dollar index up by more than 0.10%. A stronger dollar makes gold denominated in U.S. dollars more expensive for buyers in other currencies, weighing on demand for the yellow metal.
(This is a developing story. Please check back for fresh updates.)
