Gold price today: Gold rates declined in the domestic futures market Tuesday morning amid reports of a potential ceasefire between Russia and Ukraine. Tepid demand from the domestic spot market and a stable dollar also weighed on bullion. MCX Gold June 5 contract traded 0.35 per cent lower at ₹92,975 per 10 grams around 9:15 AM.
As per media reports, US President Donald Trump dialled Russian President Vladimir Putin on Monday to spur progress toward ending the Ukraine war. The Russian President acknowledged that the two-hour-long call with the US President was “very frank” and “useful” and emphasised the need to identify the most effective pathways to “peace” amid the ongoing conflict with Ukraine.
Optimism over a potential ceasefire between Russia and Ukraine hit the demand for safe-haven assets.
Meanwhile, the dollar index recovered from the losses suffered in the previous session, making gold expensive and less appealing to buyers in other currencies.
(This is a developing story. Please check back for fresh updates.)
