Gold price today: MCX gold rate dropped in the morning trade on Wednesday, 20 May, due to profit taking amid a rise in the US dollar and bond yields.
MCX gold June futures were 0.60% down at ₹1,58,137 per 10 grams, while MCX silver July futures were 0.80% down at ₹2,68,000 per kg around 9:05 am.
The dollar index hovered near its six-week high of 99.41, while the benchmark US 10-year bond yields hit a more than one-year high of 4.69%, weighing on gold prices.
A stronger dollar makes gold denominated in dollars more expensive for buyers in other currencies, while elevated bond yields raise the opportunity cost of holding non-yielding bullion.
However, easing crude oil prices and hopes for a potential U.S.-Iran peace capped losses for the yellow metal.
(This is a developing story. Please check back for fresh updates.)
