Gold price today: Gold and silver rates declined significantly on the MCX in morning deals on Tuesday, 30 June, pressured by the dollar’s rise and weak global cues amid speculation of US Fed rate hikes this year.
MCX gold August futures were 1.28% down at ₹1,40,574 per 10 grams, while MCX silver September contracts were 1.04% down at ₹2,20,322 per kg around 9:10 am.
The sharp drop in gold and silver prices can be attributed to the dollar’s rise amid speculation that the US Federal Reserve may raise rates by 3 times this year due to sticky inflation.
While gold is considered a hedge against inflation, it tends to come under pressure in a high-interest-rate environment because it is a non-yielding asset.
As per news agency Reuters, gold prices appear set for their biggest monthly decline since October 2008. Spot gold prices, currently at $3,956.92 per ounce, have dropped nearly 13% so far in June and are on course for their fourth straight monthly fall.
Moreover, the yellow metal is on track for its first quarterly decline since 2024 and the largest since the June quarter of 2013, Reuters reported.
(This is a developing story. Please check back for fresh updates.)
