Gold price today, May 29 -- Gold rate dropped on the MCX on Friday (29 May) amid a stable dollar and expectations of a US Fed rate hike this year, driven by higher oil prices and increased inflationary pressures.

MCX gold June futures were 0.21% down at Rs.1,56,600 per 10 grams, while MCX silver July futures were 0.38% down at Rs.2,68,500 per kg around 9:10 am.

The dollar index rose by 0.10%, weighing on gold prices after US inflation increased at its fastest pace in three years in April.

The Commerce Department said the US PCE price index rose 3.8% year-on-year in April, the highest since May 2023, bolstering expectations of US Fed rate hikes this year.

(This is a developing story. Please check back for fresh updates.)

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