5 hours Ago
Gold price on Multi Commodity Exchange of India (MCX) fell on Wednesday, tracking weakness in international bullion prices, amid denting safe-haven appeal on hopes of easing US-China trade tensions. MCX gold rate for June contract opened lower by ₹ 840 or 0.86% at ₹ 96,500 per 10 grams as against previous close of ₹ 97,350.
The yellow metal dropped by ₹ 1,883 to hit an intraday low of ₹ 95,457 per 10 grams. At 9:05 AM, MCX gold price was trading lower by ₹ 1,358, or 1.40% at ₹ 95,982.
00 per 10 grams. MCX Silver rate was down 0.47% at ₹ 96,803 per kg.
In the international market, gold prices declined as US President Donald Trump retracted his threats to dismiss Federal Reserve Chair Jerome Powell and expressed optimism for a trade deal with China, Reuters reported. Spot gold prices fell 0.7% to $3,357.
11 an ounce, while US gold futures dropped 1.5% to $3,366.80.
Weighing on gold prices was the rebound in US dollar and gains in the US stock market. Trump expressed optimism that a trade deal with China could “substantially” reduce tariffs on Chinese goods, hinting that the final deal will not “be anywhere near” current tariff rates. Meanwhile, US Treasury Secretary Scott Bessent said he believes there will be a de-escalation in the US-China trade tensions, but negotiations with Beijing have not yet started and would be a “slog” , Reuters reported.
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