New Delhi, June 1 -- Gold rate declined in morning deals on MCX on Monday, 1 June, dragged by a stronger dollar and elevated crude oil prices, even as investors' focus remained on developments surrounding a potential US-Iran peace deal.

MCX gold August futures were 0.67% down at Rs.1,59,600 per 10 grams, while MCX silver July futures were flat at Rs.2,67,000 per kg around 9:13 am.

The dollar index spiked by about 0.20%, making greenback-denominated gold expensive for buyers in other currencies.

Furthermore, the crude oil price rallied by over 2% amid persistent uncertainty over a US-Iran deal, heightening the risk of inflation remaining high and driving global monetary tightening.

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