Gold price today: Gold rate declined on the MCX on Monday, April 6, morning, amid profit booking, driven by a stronger US dollar, as the US-Iran war keeps crude oil prices at higher levels, raising inflationary concerns. Moreover, strong US jobs data further dimmed the prospects of a US Fed rate cut in the near future.
MCX June futures dropped by ₹1,400, or nearly 1%, to ₹1,48,298 per 10 grams, while MCX May contracts declined by over ₹2,800, or more than 1%, to ₹2,29,651 per kg in early deals.
The dollar index remained above 100, keeping the yellow metal expensive in overseas markets. The rise in the dollar index is largely because of soaring crude oil prices. Since crude oil is mostly traded in dollars, a rise incommodity prices increases demand for the dollar.
The crude oil prices traded at a multi-year high. Brent Crude traded near $110 per barrel on Monday morning as the , which began on February 28, entered its sixth week.
Meanwhile, robust U.S. nonfarm payrolls data dimmed hopes of a rate cut by the US Federal Reserve this year, which was already weak due to the rising fears of an inflation flare-up amid soaring crude oil prices.
As Reuters reported, U.S. nonfarm payrolls increased by 1,78,000 jobs in March, the most since December 2024, while the unemployment rate fell to 4.3%.
(This is a developing story. Please check back for fresh updates.)