Gold price today, May 18 -- Gold rate on MCX dropped on Monday (18 May) morning as higher crude oil prices stoked inflation concerns and fuelled worries of possible near-term monetary tightening.

MCX gold June futures were down 0.43% at Rs.1,57,858 per 10 grams, while MCX silver July futures were down 1.24% at Rs.2,68,511 per kg around 9:05 am.

Higher crude oil prices increased demand for the dollar, driving the dollar index up by more than 0.10%. A stronger dollar makes gold denominated in U.S. dollars more expensive for buyers in other currencies, weighing on demand for the yellow metal.

Crude oil benchmark Brent Crude jumped 2% to trade above the $111 per barrel after a drone attack near a nuclear power plant in the UAE, which flare...