MCX GOLD, SILVER PRICES: Amid market rumour of a US Federal interest rate delay, gold prices today eked out a slight increase in early morning dealings. Today's gold price on the Multi Commodity Exchange (MCX) started at Rs. 59,934 per 10 gm and eventually reached an intraday high of Rs. 59,943 per 10 gm. The price of gold is now fluctuating in the $1,963 per ounce range on the global market.
Similar to gold, silver's price today on the MCX opened higher at levels of Rs. 73,860 per kilogram. The price of white metal is fluctuating in the international market at around $24.20 per ounce, which is much the same as its closing price on Thursday.
Rates for gold and silver increased somewhat in the morning session due to market speculation on a rate pause following the US Fed meeting set for next week. Even though the US has stated that the story is completely unfounded, some credit should go to the rumored US-Iran nuclear deal news.
focus is on the US Fed meeting: The interest likelihood chart indicates that the Fed will not increase interest rates at its meeting on June 13–14 for the first time in more than a year. Before the Fed meeting on June 13, the U.S. consumer inflation report for May will be released, which will give investors further insight into the condition of the world's largest economy, as per Motilal Oswal expert.