New Delhi, May 29 -- Gold rate dropped on the MCX on Friday, 29 May, morning due to profit booking, amid persisting uncertainty and doubts over a potential US-Iran ceasefire extension.

The uncertainty has kept oil prices lower as the US-Iran ceasefire extension awaits US President Donald Trump's approval. Any rejection by Trump could drag the war out further and heighten inflation fears, raising the possibility of near-term interest rate hikes.

MCX gold June futures were 0.18% down at Rs.1,57,410 per 10 grams, while MCX silver July futures were 0.45% down at Rs.2,69,170 per kg around 9:19 am.

The focus of global market participants is on a resolution to the ongoing dispute between the US and Iran. Any improvement in the situation is bo...