Gold price today, June 24 -- Gold rate crashed more than 1% on the MCX on Wednesday, 24 June, pressured by a stronger US dollar. The dollar index rose to an over 1-year high, driven by expectations of US Federal Reserve monetary tightening.

MCX gold August futures were 1.21% down at Rs.1,44,759 per 10 grams, while MCX silver July futures were 0.71% down at Rs.2,24,227 per kg around 9:10 am.

The dollar index rose to 101.52, its highest level in over a year, making greenback-denominated gold expensive for buyers in overseas currencies.

The dollar index has been above the 100 mark since 17 June as the market expects the US Federal Reserve to hike rates by the end of this year due to sticky inflation.

(This is a developing story. Please c...