Gold Price Today: The yellow metal rate rose on Multi Commodity Exchange of India (MCX) today, July 14 after US President Donald Trump announced plans to impose shipping fees on vessels using the Strait of Hormuz, heightening geopolitical tensions.
At 9:04 am on Tuesday, the MCX gold August futures contract jumped 0.37% to Rs 1,40,799 per 10 grams, while the MCX silver September futures traded 0.27% to Rs 2,18,300 per kg.
Unlike the Indian market, gold continued to decline globally amid escalating tensions in the Middle East that pushed energy costs higher, and a US monetary policymaker raised the likelihood of interest-rate hikes to rein in stubborn inflation. The precious metal traded near $4,010 an ounce after losing 2.9% in the previous session. This comes after US President Donald Trump reiterated his plans to impose a blockade and demanded a 20% reimbursement on other cargoes transiting the Strait of Hormuz, as both countries continue to attack each other.
Meanwhile, USFederal Reserve Governor Christopher Waller said policymakers may be reuired to hike rates in the near term, if underlying inflation continued to signal broad price pressures.
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